Global advertising spend is set to fall by 8.1% ($49.6bn) to $563bn this year, led by severe cuts in investment among major product sectors as a result of the COVID-19 outbreak finds WARC, the international marketing intelligence service.
The new projections, based on data from 96 markets worldwide, represent an absolute downgrade of $96.4bn compared to WARC’s previous global forecast of 7.1% growth made in February 2020.
Traditional media will fare far worse than online, with ad investment set to fall $51.4bn (-16.3%) this year. Declines will be recorded across cinema (-31.6%), OOH (-21.7%), magazines (-21.5%), newspapers (-19.5%), radio (-16.2%) and TV (-13.8%).
Online advertising
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