Publicis Groupe's ZenithOptimedia has issued a new ad spending forecast with an improved outlook for 2010.
It now predicts that global expenditures will rise 4.8 percent this year, to nearly $449.5 billion.
This is the third upgraded forecast the shop has issued for spending this year and follows by a week a report from Nielsen that global spending jumped nearly 13 percent in the first six months of the year to $238 billion.
In July, ZO's second revision projected a 3.5 percent rise in spending this year to $448 billion, which was an improvement of more than a full percentage point vs. the agency's April forecast of a 2.2 percent spending gain. In December, it predicted a mere 0.9 percent gain in annual ad outlays for 2010.
The shop's latest estimate also upgrades the outlook for North America, where growth is now expected to reach 2.4 percent, up from the 1.3 percent it predicted three months ago.
ZO noted that most of the large financial, retail and automotive spenders have returned to the market in the U.S., while political spending is also robust -- and 61 percent higher than in 2008.
The agency also gave an upgrade to Canada, saying spending growth there will now reach 6.5 percent this year vs. the previous prediction of 5.8 percent.
"All regions have grown faster than expected this year," the agency said.
For now, the shop estimates that spending growth will taper slightly in 2011, to 4.6 percent, although that's a tenth of a percent higher than it previously predicted.
By medium, TV spending will grow by 9 percent this year to $180.4 billion worldwide. The Internet will grow by nearly 14 percent to $61.5 billion. Spending in newspapers and magazines will continue to decelerate, the shop said.