WARC has produced a positive assessments of the UK advertising industry after calculating that spend hit an all-time high last year, with that trend all set to extend deep into 2018 with further growth on the cards.
The good news was contained in the Advertising Association/WARC Expenditure Report which was led by a 3.5% year-on-year rise in advertising spend in the third quarter of last year to reach £5.4bn, capping an impressive 17 consecutive quarters of unbroken growth.
These stellar figures serve to back-up previous preliminary data indicating that ad spend across 2017 as a whole had reached £22.1bn, the eighth successive year in which spending rose.
Key figures laid out in the report include growth of 3.5% in the first nine months of the year, a £551m increase on the equivalent figure from the year prior, led by a 30.7% year-on-year uptick in mobile adspend which was itself given a boost by a 44.7% rise in social media advertising.
Stephen Woodford, chief executive at the Advertising Association commented: "As we work through Brexit, we need to help government make the best decisions to support our industry and, by extension, the wider UK economy as we target growth across the nations and regions and in an increasingly global marketplace."
A preliminary estimate for 2017 growth has been put at 3.4% to £22.1bn, an increase of 0.3% from similar projections made as recently as October. By way of comparison the estimate for total market growth in 2018 has been put at 2.8%, reaching £22.7bn.