Economic blues chief concern of ICOM members

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