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WPP’s GroupM has maintained its global ad-revenue growth estimate at 5.8% to $889bn in 2023 but predicts a slight growth slowdown next year.
A net balance of more than 10% of firms surveyed expanded their budgets in sales promotions in the last quarter, according to the latest IPA Bellwether report.
The latest Advertising Association/WARC Expenditure Report finds that UK adspend in the last quarter of 2022 decreased by 5.8% – the first time Q4 spend has fallen since 2009.
Main media marketing recorded its strongest expansion in spending in over a year, even as advertisers worry over how the cost-of-living crisis will impact bottom lines.
The UK ad market will grow by 3.8% to a total of £36.1bn in 2022, according to the latest quarterly Advertising Association/Warc Expenditure Report.
Total marketing budgets were revised upward 2.2% in the IPA’s latest Bellwether report, led by a return to growth for main media marketing.
Dentsu expects global ad spend to grow by 3.8% in 2023, a slowdown compared to +8.0% in 2022. Much of that growth will be driven by price inflation.
The downgrade is driven primarily by slowdowns in growth in China (due to ongoing lockdowns) and the US.
Magna has downgraded its 2023 ad industry growth forecast by 1.5 points, but described impressive performance by traditional media companies in 2022.