Carat, the global media network, has published its first forecast for worldwide advertising expenditure in 2015, projecting strong growth of 5 per cent.
The figure dovetails with its latest forecast for 2014 which showed growth accelerating 4.8 per cent to hit $551bn. This represents an increase on the 4.5 per cent predicted just last September and a marked increase on the 3.3 per cent growth posted in 2013.
This growth is being fuelled across all regions, even Western Europe where recession has bitten particularly hard. In the UK this will translate into 3.5, 5 and 4.5 per cent growth for 2013, 2014 and 2015 respectively.
Jerry Buhlmann, CEO of Dentsu Aegis Network, said: “Carat’s predictions echo the increasingly positive economic sentiment we are hearing from our industry-leading clients and partners. We are seeing overall economic growth but with significant regional and local variations. With 2014 looking brighter than we previously anticipated, and further momentum gathering in 2015, the outlook for advertising expenditure is healthy for most.
“The real story of the advertising market is the dynamics in digital media. Digital growth accounts for three times total growth and the seismic trends within digital are causing a convergent media revolution. Social, mobile and video will all grow by at least 50% in 2014 through developments in powerful technology, access to information and increasing consumer trust. Whilst the prolific sporting events including the Winter Olympics in Sochi and the World Cup in Brazil will continue to drive TV advertising spend in 2014, the gold medal winners will ultimately be the digital world.”