Global media network, Carat published its updated forecasts for worldwide advertising expenditure in 2014 and 2015, with market optimism demonstrated through strong global and regional forecasts.
Based on data received from 59 markets across the Americas, Asia Pacific and EMEA, Carat’s latest forecasts show overall global advertising revenues accelerating by 5.0% in 2014, an increase up 4.8% predicted in March 2014, and reaffirming positivity for 2015 with year-on-year growth predicted at 5.0%.
By media, digital outperforms previous predictions for 2014 with year-on-year growth forecast at +16.1%. Digital will also increase its total share of spend, reaching 20.5% in 2014 and 22.6% next year, when it will outpace the combined magazines and newspaper global share for the first time. Whilst the steady decline in print (Carat defines print as the combined advertising spend of magazines and newspapers ) is expected to continue, all other mediums are predicted to achieve year-on-year growths of approximately 3-5% in 2014 and 2015.
From a regional perspective, Carat predicts further positive momentum in 2014 for North America and Western Europe, compared with figures announced in March 2014. The US continues to show strong on-going market growth, with levels of advertising spend in North America expected to exceed the pre-recession peak in 2007 for the first time by the end of 2014. Western Europe is predicted to see a return to positive growth of +2.7% after two consecutive years of declining advertising spend, driven by a strong UK advertising market forecast to grow by a robust +7.5% this year.
Whilst forecasts show a slight decline in growth when compared with predictions from March 2014, Asia Pacific and Latin America are still both forecast to outperform global predictions, with growth rates for 2014 of +5.4% and 12.1% respectively, and the only regions to see double digit growth in some markets. Carat’s data also highlights that the outlook for 2015 continues to be encouraging with all key markets forecast to return to positive growth.