Carat has revealed updated forecasts for worldwide advertising expenditure in 2014 and 2015.
The latest forecast, garnered from data gathered in 59 markets across the Americas, Asia Pacific and EMEA, show overall global advertising revenues accelerating by five per cent in 2014, with another five per cent year-on-year growth in 2015.
It is predicted that Western Europe will see a return to positive growth with a 2.7 per cent increase, following two consecutive years of declining advertising spend.
This growth will be driven by a strong UK advertising market, forecast to grow by 7.5 per cent this year. On the other hand Indian advertising budgets are likely to grow by 11.6% against the previous year’s growth of 10% and the Digital advertising in India is expected to grow around 35% to 40%.
Jerry Buhlmann, CEO of Dentsu Aegis Network, said:“Carat’s latest advertising forecast gives us increased optimism for the outlook of global and regional advertising spend. With the global recession further behind us and a healthy trend of five per cent year-on-year global ad growth, there is positive momentum building across the industry.”
Digital is expected to see a 16.1 per cent growth, accounting for a fifth (20.5 per cent) of total ad spend in 2014.
Buhlmann added: “Whilst digital continues to headline market trend discussions, the components within this dominant media now provide the interesting chapters, with the opportunities in mobile leading the debate. With changes and trends in consumer behaviour driving business opportunities, brands need to deliver innovative and integrated solutions to reap the rewards ahead.”
Carat’s forecasts are produced bi-annually with actual figures for the previous year and latest forecasts for the current and following year.