The TV advertising spending in the first seven months of 2007 recorded an increase of 22.3%. According to AGB, the advertising turnover of the six TV channels stood at £42.7 million compared to £34 million last year. The banks, the credit cards and the supermarkets spent more, while car importers’ spending remained the same. On the other hand, college advertisements dropped sharply compared to 2006.

Banks rank first in advertising spending. Their efforts to prevail in competition and the clash between the two largest banks in the past few months ‘forced’ them to spend more in advertising campaigns. Specifically, the banking turnover as to TV advertising in the first seven months of 2007 recorded an increase of 60.4% to £4,33 million against £2.7 million in the corresponding period of 2006.

TV viewers were bombarded by the banks’ TV spots. They reached 10,142 against 7,234 last year. This means that the average TV spot cost £426.9 compared to £373.2 last year. Sources support that this increase is attributable to the fact that the banks chose to advertise their products during prime-time, where cost is higher.

Credit cards

Competition in the credit card sector is even stronger, since the banks spent £2.79 million in the first seven months of the year compared to £1.39 million in the corresponding period of 2006. “This is due to the innovative products introduced by the banks, especially in the sector of travel and leisure”, sources said.

The good course of the retail trade in Cyprus together with the arrival of several foreign companies increased the supermarkets’ TV turnover. Their spending stood at £4.13 million compared to £3.27 million last year.

Cars

The advertising spending for cars also showed an increase of 23% to £3.58 million due to the increased demand for cars after the tax system revision in 2006.

Colleges

On the other hand, the TV advertising campaigns of the colleges dropped 22.5% compared to the first seven months of 2006.