Global ad spend is forecasted to grow a further 8.2% in 2024 as it tops $1 trillion (£787 million) for the first time, a new WARC report has found.
The figures come from WARC’s ‘Global advertising spend outlook 2023/24: Withstanding Turbulence’ which analyses on data from 100 markets worldwide to create an accurate picture of the future of global advertising trade.
The data shed light on how social, retail and CTV are set to lead the growth, with this year’s total global advertising spend on course to grow a further 4.4% to a total of $963.5 billion (£758.5 billion).
In addition, WARC’s report reveals that financial services, technology and electronics, and pharma and healthcare are set to be the fastest-growing sectors next year.
Subscribe to Marketing Beat for free
Sign up here to get the latest marketing news sent straight to your inbox each morning
US global spend will account for almost a third (31.3%) as the market is predicted to rise 2.2% to $303.6 billion (£238.4 billion) this year, then a further 7.6% to $326.7 billion (£256.5 billion) in 2024.
The UK, the largest single ad market in the Europe region, is expected to account for 4.4% of global spend, as the market is forecasted to dip slightly by 1% to $44.2 billion (£34.7 billion) before rising to $46.3 billion (£36.4 billion) in 2024.
“High interest rates, spiralling inflation, military conflict and natural disasters have made for a bitter cocktail over the preceding 12 months,” said WARC director of data, intelligence and forecasting, James McDonald.
“But the latest earnings season shows that the ad market has withstood this turbulence and has now turned a corner.
“With the establishment of retail media as an effective advertising channel, the advent of connected TV as the next evolution of conventional video consumption, and the continued growth of social media and search, we are seeing once again the value advertisers place in leveraging first party data to target the right message to the right person at the right time,” McDonald concluded.
