Zenith Optimedia Cuts Ad Spending Forecast Again

NEW YORK For the second time in three months, Publicis Groupe’s Zenith Optimedia has downgraded its 2008 ad spending forecast for North America and Western Europe. Even so, the growth rate for the rest of the world is higher than the agency previously forecast.

ZO cited the ongoing credit crunch and concerns about inflation — driven by higher energy and commodity prices — as motivating the downgrades.

Growth in North America is now projected at 3.5 percent to almost $195 billion for major media, which ZO defines as newspapers, magazines, TV, radio, cinema, outdoor and the Internet.

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