Global advertising spend is on course to rise by 8.3%, or $67.3 billion, to $880.9 billion this year, according to advertising research organisation WARC – numbers that represent a significant downgrade on previous predictions.
The outfit found that advertising spend is being lifted by a positive first half for holding companies and a boost from cyclical events in the second, most notably the US midterm elections and the men’s FIFA World Cup in Qatar this November.
Market growth is then set to ease significantly – to 2.6% – in 2023, as investment is inhibited by cooling economic conditions and third-party cookie blocking online, said WARC.
While still predicting growth, the projections based on data from 100 markets worldwide amount to a downgrade of 4.3 percentage points for this year growth, with a downgrade of 5.7 percentage points in line for 2023, compared to…
