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And in the future, it鈥檚 likely that ecommerce will play a greater role in driving revenues, particularly given that short video platforms like Douyin and Kuaishou already have integrated shopping features. Nearly 75% of microdrama viewers are ages 25 to 54, with standalone apps the primary viewing channel.

Apple and Kuaishou joined the $10 billion club last year, and the new corporate top 10 list will hold relatively steady for the next couple of years. Worldwide total media ad spending will cross the $1 trillion threshold this year. Advertising will join an elite group of industries that have reached such heights. Worldwide ad spending has nearly doubled since 2016, and the outlook remains bright.

Some of the prohibited services were well-known globally, including short-video apps TikTok and Kwai (also known as Kuaishou), AliExpress, Shein, WeChat, gaming app PUBG Mobile, Baidu, and UC Browser. But despite some public disappointment with the bans, time spent with digital media in India has climbed steadily since 2020, per our forecast.

The threat of a TikTok ban is enough to make waves: ByteDance, Meta, and Chinese competitor Kuaishou are all taking steps to anticipate a ban.

TikTok鈥檚 Douyin, its rival Kuaishou, and Instagram-like Xiaohongshu (also known as Little Red Book) have made considerable inroads in ecommerce. The trio accounts for about a quarter of retail ecommerce sales in 2024, from near zero just a few years ago. In June 2024, Kuaishou and Douyin users in China spent an average of 118.1 minutes and 116.8 minutes per day, respectively.

The remaining portion will be allocated to off-site channels鈥攖hose that are not ecommerce sites, such as search engine Baidu and short-video apps Douyin and Kuaishou.

Latin America鈥檚 ad market will surpass $40 billion this year as it continues to defy economic uncertainty. Rebounds in Argentina and Chile, along with double-digit growth in retail and social media spending, will fuel momentum. Here are the latest trends you need to know.

China is a global leader in online shopping, with high digital buyer and retail ecommerce penetration. Shoppers are comfortable buying luxury goods online and embracing livestreaming commerce.

Digital鈥檚 share of total media ad spending in Asia-Pacific will reach a milestone in 2025, surpassing $200 billion for the first time. The region鈥檚 digital ad spending will increase 8.6%, led by India, while China鈥檚 growth will slip noticeably amid the country鈥檚 economic struggles before a rebound the following year.

In this report, we explore the world鈥檚 top region for retail and ecommerce, Asia-Pacific. Read on for a closer look at the markets in China, India, the Philippines, and more.

China鈥檚 retail sector will grow from government stimulus, retail鈥檚 genAI revolution will have a far-reaching impact, India鈥檚 quick commerce will heat up, China鈥檚 retailers will face pushback in the region, and Xiaohongshu will further establish itself.

From the rise of sophisticated AI-driven tools to new policies reshaping data privacy and competition, 2025 promises to be a year of relentless change. Companies that adapt will thrive, while others risk being left behind in a swiftly moving market.

While the retailer recorded considerable losses on both transactions, it鈥檚 betting that a more streamlined business will help it make up ground lost to newcomers like Pinduoduo, Kuaishou, and Douyin. Our take: Geopolitical tensions and economic uncertainty are forcing retailers to rethink their approach to China.

This ranking ascent will mostly owe to China鈥檚 Kuaishou and Baidu underperforming, although Apple鈥檚 estimated total has been revised slightly upward as well. Despite its political challenges, TikTok will lead the world in ad revenue growth. TikTok and Mercado Libre will set the pace globally, though at vastly different scales.

Retailers can either sit tight and wait out the price war鈥攐r pursue growth opportunities in lower-tier cities and on emerging channels like Xiaohongshu or Kuaishou. This article is part of 蘑菇AV鈥檚 client-only subscription Briefings鈥攄aily newsletters authored by industry analysts who are experts in marketing, advertising, media, and tech trends.

Meanwhile, platforms focused on entertainment, commerce, and services are thriving鈥擳encent, Meituan, Kuaishou, and PDD鈥檚 Pinduoduo unit are all posting ad revenue growth above 20%. The reasons vary; Tencent benefits from surging long-form video consumption (albeit with slower growth ahead), while Meituan's dominance in food delivery drives its ad business.