NAIROBI, Kenya, July 26 – Advertising spending in Kenya surged by Sh1 billion to reach Sh17 billion in the second quarter of 2024, according to the latest audience measurement and industry trends report released by the Communication Authority of Kenya (CA).
This represents a 21 percent increase in overall industry spending during the 2023/24 fiscal year.
“Overall industry spending increased by 21%. The total spending grew from Kes 16 billion in the Q1 2023/24 to Kes 17 billion in the Q2 2023/24,” read the report in part.
“However, it fell to Kes 15 billion in the Q3 2023/24. By the fourth quarter of 2023/24, spending surged to Kes 18 billion, with the greatest growth seen in the Property, Building, and Accommodation sectors.”
CA emphasizes that the property, building, and accommodation sector growth highlights its pivotal role in driving the overall industry’s performance.
This growth comes on the back of the Affordable Housing program unveiled by President William Ruto earlier this year.
In March, the head of state signed the Affordable Housing Bill into law, marking a significant step towards the implementation of the housing project and the commencement of the collection of a 1.5 percent housing levy from Kenyans.
This has likely galvanized the advertising in that sector.
Television emerged as the dominant medium for advertising, capturing the largest share of spending, with radio following closely behind as the second-highest spending medium.
Within these media, the financial services sector predominantly utilized radio for their advertising needs, while the corporate and multi-brand sectors invested the most in print media.
