ASIA-PACIFIC: A range of concerns from shaken consumer confidence
to spending cutbacks have been reported by members of the International
Communications Agency Network, which polled its agencies after the
September 11 attacks in the US.
With ICOM agencies representing a microcosm of mid-sized independent
agencies around the world, the poll reflected strong concerns that the
terrorist attacks would delay the global economic recovery, with travel
and financial clients showing the most jitters.
"Business in general has been affected by the weak global economy, which
is now worsened by the terrorist attacks," said Anthony Kang, principal
of AdGrand/ICOM Singapore.
Shoishi Hoshi, international advisor of Tokyo-based Nihon Keizai
Advertising, had seen almost no change since the terrorist attacks. "But
I am concerned that the psychological effect of the terrorist attack on
consumer confidence will worsen the economic recession Japan has been
suffering from the past decade." Guillermo Garcia, Manila-based chairman
of Adformatix Inc/ICOM, noted: "A major US company wants a bigger
bottomline figure this year - as a result, a cutback in ad budget for
the remainder of the year."
