According to the data released by the National Bureau of Statistics, the GDP in 2023 full year is RMB 126.06 trillion (US$17.52 trillion). China’s GDP in 2023 has beaten targets, growing at a rate of 5.2 percent year-on-year at constant prices compared with 3.0 percent growth in the same period in 2022.
Affected by economic recovery and rapid video media growth, 2023 China OOH advertising spending exceeded RMB 200 billion for the first time, an increase of 14% over 2022 YoY. Comparing each quarter ‘s performance, the QoQ investment in Q2 was outstanding. The QoQ growth rate in Q3 and Q4 gradually narrowed, but there was a better recovery trend than in 2022 YoY.
In 2023, the national OOH traditional media adspend was approximately RMB 76.856 billion, basically the same as YoY. On the other hand, OOH video media spending reached RMB 129.920 billion, with the total scale doubling from before the epidemic, a YoY increase of 24%, showing a rapid growth trend.
2023 OOH traditional media advertising is stable. Metro media advertising has been the main focus for the past three years, adspend accounts for 58%, an increase of 1% from 2022 YoY. Besides Metro, adspend on the rail station, bus body, bus shelter, and street network have increased.
OOH video media advertising was still dominated by in-building LCD in 2023, accounting for 71%, far exceeding other media types. With outdoor people returning to different scenarios and media technology innovation and upgrading, all types of OOH video media maintained rapid growth throughout 2023.
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