In its latest U.S. ad forecast for the fall, Magna found mostly good news for the ad sales market. After two quarters of stagnation, U.S. ad spending accelerated to a 4.4% year-over-year gain in the second quarter, and the overall market was up 2.9% in the first half of the year. (Adweek)
It now sees total ad spend growing 7 to 8% in the current third quarter and the fourth quarter, compared to 2.9% in the first half of the year, to bring full-year 2023 ad growth to 5.2%, up from Magna’s previous estimate of 4.2%, as unveiled in June. That means 2023 ad spending will hit $337 billion. (THR)
Marketers in the travel, pharmaceuticals, retail and consumer packaged-goods sectors delivered strong spending in the second quarter, according to Magna. Spending was flat or slightly up for automotive and entertainment brands, while the financial and technology sectors were down year over year. (WSJ)