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HK firms pinching the purse on ads

Amid concerns about a gloomy economic climate, just 42 percent of managers in Hong Kong said they planned to increase their advertising budgets this year, down 21 percentage points from last year, a new survey found.

This is compared to 63 percent of respondents last year who said they would increase ad spending, according to the latest Advertising Spending Projections survey carried out by Nielsen and the Hong Kong Advertisers Association.

Some 26 percent of respondents said they would slash their ad budgets in 2012, up from just 2 percent a year earlier.

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