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Despite perilous economic conditions and geopolitical turmoil like the war in Ukraine, WPP’s GroupM thinks global ad spend will keep growing.
Excluding political ad spending, GroupM’s “This Year Next Year” global mid-year forecast expects 8.4% growth in global ad spend this year. The projection is just below its December estimate, which put growth at 9.7%. In the U.S., ad spend is forecast at 9.3%, also near the 9.8% December estimate for that market.
The forecasted numbers mean ad spend is projected to keep growing, albeit slower than it did last year, when spend was up 25% compared to 2020.
It’s better than it seems
Citing low unemployment levels, high household savings and strong new business formation, GroupM estimates that some bright spots will buoy the market and contribute to growing ad spend.