China’s economy is like an engine that just won’t stop, thanks to multitudes of government investments and a large amount of eager consumers. Now a major advertising firm is predicting it will be their second largest market.
“I would anticipate that China would become our third market quite quickly and within a few years will be our second-largest market,” said WPP chief executive Martin Sorrell.
Right now, mainland China is WPP’s fourth-largest market for revenue, behind only U.S., Britain, and Germany. The greater Chinese market that includes Hong Kong and Taiwan is worth around $1.1 billion.
The company is launching a new school of marketing and communications in Shanghai to reflect the growth of the market. Sorrell says the three-year course will help develop local talent and foster more loyalty within the industry.
“The problem with our industry is that people believe the way you develop talent is by stealing it,” said Sorrell. “Our competitors, especially the ones who are desperate, are especially adept at stealing talent.”
There will be 50 students in this year’s inaugural class. “We will provide internships and offer employment after graduation based on each student’s performance,” said Sorrell. “Graduates are not guaranteed positions, much like the real world.”