Last year, PQ Media predicted global advertising and marketing spend to see decelerated growth of only 5.3% after a 7.9% rise from the year before. In this year’s forecast, PQ Media confirmed that deceleration (4% growth to $1.631 trillion) and, in what we hope is continued projection prowess, projects total media spending to grow 7.7% in 2024.
“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 U.S. markets, as well as record media spend related to the Paris Summer Olympics,” the report’s press release says.
(Photo Source: PQ Media)
PQ Media’s “Global Advertising & Marketing Spending Forecast 2024-2028” says last year’s growth rates (2.6% in global advertising and 5.1% in marketing) were the lowest in nearly a decade as inflation and its reactionary fears “led brands to slash media budgets across most platforms and channels.” Some of the key trends the 2024 forecast considered was the “unabated shift to digital and alternative media” and the accelerated growth of alternative ad and marketing subsectors.
PQ Media’s CEO Patrick Quinn says, “Early 2024 pacing data shows that brands continue to increase their budgets, as more consumers are shopping at brick-and-mortar stores, driving more miles in automobiles and attending events after years of being sequestered by the pandemic.”
SEE FOR YOURSELF
The Magazine Manager is a web-based CRM solution designed to help digital and print publishers manage sales, production, and marketing in a centralized platform.
