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As early as summer 2022, forecasters began muting their ad spend growth projections for 2023. Now, as we shake the dust off last year, the outlook isn’t much different: Budgets will grow in the next 12 months, albeit at a slower pace than anticipated.
Against a backdrop of economic and geopolitical crises, rising inflation, supply chain disruption and technological shifts, marketing intelligence company WARC has wiped $90 billion off its original 2023 ad spend forecast, predicting budgets will now grow by 8.3%