Magna’s Coen Downgrades U.S. Ad Spending Forecast

Bob Coen, vp and director of forecasting for Magna, has downgraded his 2008 ad spending projections by  2.7 percent for national advertising and 4 percent for local spending, saying that the economy right now is worse than it appeared it would be back in December 2007 when he made his original 2008 projections.

Coen is now projecting that national ad spending in 2008 will total $193 billion, $5.5 billion less than he originally projected, while local ad spending will be $92 billion, down from the $95.8 he originally projected. Overall, total ad spending in 2008, Coen projects, will now be $285.1 billion, up 2 percent over 2007. He originally projected the overall ad spend in 2008 would be up 3.7 percent to $294.3 billion.