Economic gridlock in the US and a persistent financial crisis in the Eurozone have led GroupM to revise its worldwide advertising spending forecast for 2014 downward to 4.6 per cent from the 5.1 per cent hike predicted earlier this year.
The revised forecast was made in GroupM’s biannual worldwide report, This Year, Next Year, which also predicted that 2013 worldwide advertising spending in measured media will hit US$508bn, a 3.3 per cent increase over 2012 spending of $492bn.
The 74-country forecast predicted that global ad spending in 2014 will increase 4.6 per cent compared to 2013, representing $531bn. For the US market, the report said advertising investment in measured media grew 1.8 per cent in 2013 to $156.3bn, up from $153.5bn the previous year. For 2014, the revised forecast predicted a 2.9 per cent increase to $161bn.
Read more about group M’s revised ad spending forecasts.