A return to pre-pandemic levels
This prediction comes as global advertising expenditures are set to top the pre-pandemic level of $634 billion (£478 billion) this year, a figure that was last reached in 2019. It is then expected to grow 9.1% next year after a 15.6% jump in 2021 to a staggering $705 billion (£532 billion) as the advertising industry continues to return to some sense of normalcy.Zenith, which blends data and technology, outlined the industry’s dramatic recovery after dropping 3.9% during 2020 at the UBS Global Telecom, Media & Technology Conference earlier this week: “The global ad market will continue its remarkable recovery from the 2020 downturn,” they said.
In late 2020, the global media agency also projected a global ad rebound of around 5.6% this year. This figure was then upgraded to 11.2% in July. This is expected to grow at a year-on-year rate before hitting $873 billion (£659 billion) in 2024 “as brands continue using advertising to spur further growth in e-commerce.”