Global Ad & Marketing Growth Slowed to 4% in '23, As Brands Cut Budgets on Inflation & Recession Fears; Media Spend to Rise 8% in '24 on Record Political & Olympics Spend
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Tuesday, March 5, 2024
STAMFORD, Conn., March 5, 2024 /PRNewswire-PRWeb/ -- Global advertising and marketing spending grew at a decelerated 4% in 2023 to $1.631 trillion, but total media spending is projected to grow at a more robust 7.7% in 2024, as inflation and recession fears have subsided and a quadrennial windfall of ad & marketing investments is expected from political campaigns in 15 of the top 20 US markets, as well as record media spend related to the Paris Summer Olympics, according to new research by PQ Media, the world leader in media econometrics.
Key Points:
- The global advertising sector grew 2.6% in 2023 to $732.89 billion, while the overall marketing sector expanded 5.1% to $897.69 billion.
- Global digital & alternative media spending increased 10.4% to $824.46 billion in 2023, while traditional media spend fell 1.9% to $806.12 billion, according to PQ Media's 11th annual Global Advertising & Marketing Spending Forecast 2024-2028 .
- Total US ad & marketing spend increased 3.7% to $645.08 billion last year, driven by double-digit upside in both the overall digital & alternative advertising and marketing platforms.
- Another major finding from the report is that the alternative ad & marketing subsector has begun to grow faster than the digital media subsegment.