The growth in worldwide advertising expenditure is set to remain above 6% for the next three years, according to new forecasts published by global advertising group, Zenith Media. In 2000, growth is expected to accelerate to 6.5%, with levels in 2001 and 2002 holding above 6%. North America is set to be the fastest-growing region in 1999, up 7% on the previous year; Europe total ad expenditure is predicted to grow by 6% this year, to a total of US$84.3 billion (£52 billion). Zenith has upgraded its July prediction of global growth from 3.9% to 4.6% (after inflation) for 1999.
Global growth is being aided by an exceptional strength in the US, which in 1998 took 43% of world ad expenditure; this is expected to rise to 44% in 2002 – more than the 13 next largest markets combined. John Perriss, chairman and chief executive of Zenith Media, says: “Advertising is working hard. Economic conditions in the West are ideal for advertising growth, and the East is out of recession and recovering well. The need to advertise has never been greater.”
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