by Antoinette Siu November 1, 2023 – 5 minutes available to read
As the year comes to a close, we take a look at market trends and forecasts for 2024. This editorial series examines what we can expect from the media, advertising, and marketing sectors as we head into the new year. Find out more from the series here.
2024 is shaping up to be a pivotal year for marketing. With the U.S. presidential election driving political spending, the ad economy is set for a major boost next year.
Dentsu, GroupM, and IPG’s Magna have all released their 2024 marketing forecasts, revealing projections of a 4% to 7% growth in global ad spend. Despite economic uncertainty, these industry giants and their clients are staying positive, expecting a surge in ad spending over the holidays.
Here are a few highlights from each of the reports:
Dentsu
The global ad spend is expected to grow by 4.6% in 2024, reaching $752.8 billion, driven by digital, CTV, and retail media. Digital ad spend is estimated to grow by 6.5% to $442.6 billion, accounting for 58.8% of total ad spend.
GroupM forecasts a 5.3% increase in global ad spend for 2024, totaling $889 billion (excluding U.S. political advertising). The report also projects a slowdown due to market uncertainties and business interest rates, as well as significant growth in the digital retail media sector.
Magna
IPG’s Magna anticipates a boost in global ad revenue, with digital marketing reaccelerating in 2023. Traditional media is expected to receive a significant boost from major events in 2024.
To read more, check out the full article here.
