ZenithOptimedia downgrades 2011 global ad spend forecast to 3.6%
The forecast for global advertising spend in 2011 has been downgraded by ZenithOptimedia from 4.1% to 3.6%, as a result of the slow economic recovery.
The forecast has also highlighted continued fears of a double dip recession with advertisers continuing to cut back on their spent this year, with spend expected to reach $466bn in 2011, an increase from last year’s figure of $450bn.
Said the report;"The slowdown in economic recovery in the developed markets, coupled with rising fears of a double-dip recession, have caused some advertisers to trim back budget increases planned for the end of 2011, but there has been no sign of the cancelled campaigns and sharp budget cuts that signaled the beginning of the last advertising downturn in 2008.”
Growth in spend in Western Europe, however is expected to outperform that of North America, with 3.4% and 3.1% respectively.