Global ad spending forecast revised upwards

Global ad spending is set to increase by a greater amount than previously expected, as a major forecaster has raised its outlooks for a third consecutive time.
Zenith Optimedia is now anticipating growth of 3.5 per cent this year, with investment rising to $447.5 billion (£292 billion).

In April it predicted 2.2 per cent growth but fears over economic stagnation fuelled by the European debt crisis has not had the expected negative impact on marketing budgets.

The three successive upgrades in outlook follow a grim run of six consecutive downgrades as the advertising industry shows strong signs of recovery across the globe.

Internet ad spending continues to be the fastest growing medium while investment in newspaper advertising will continue to fall, the Zenith report said.

Growing consumer confidence in economic conditions was said to be partly responsible for the positive growth in the industry.

The strong return on investment offered by online marketing channels is what has attracted businesses to increase their spending in that area, eMarketer recently reported.
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