Contrary to most current economic forecasts, Zenith Media has predicted that worldwide advertising expenditure growth is to accelerate over the next three years. There is no recession in prospect, the media analysis company says.
The global adspend growth of 3.8% for 1998 is the bottom of the market, according to the Zenith report. Growth is predicted to increase to 4.2% next year, 5.3% in 2000 and 5.8% in 2001, with the general outlook positive for all continents. In real (inflation-adjusted) terms, this growth equates to 2.2% next year, with 2.5% and 2.7% in the following two years. North American and European adspend growth is expected to bottom out in 1999, with real growth still above 2%.
John Perriss, chairman of Zenith Media Worldwide, said: “These new forecasts make fears of recession look well overdone. We predict global advertising spend to grow in real terms every year and, moreover, that this rate of growth will accelerate. The message from our worldwide network is clear: advertisers feel good about the future.”
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