The latest Advertising Association/WARC Expenditure Report forecasts the UK advertising industry is poised for a strong recovery.
The study forecasts the UK ad spend will grow 24.8% to reach a total of £29.3 billion. Interestingly, this report surpasses July’s projection by 6.6% points – making it the most significant annual rise on record. As a result, the total investment in the fourth quarter of this year is expected to be £7.9 billion – the highest level ever recorded.
Based on the latest dataset, which included revised projections for 2022, ad spend will see a 7.7% increase year-on-year to more than £31.5 billion. The report further elaborates that media channels, including cinema and out-of-home, are set to recover significantly from the pandemic-influenced damages. The growth in search, including ecommerce spending, is also expected to continue its rise.
TV advertising spend is also set to see its most significant Q4 increase in over a decade, with a 9% increase to £1,564 million. These numbers indicate that the United Kingdom is still on course to achieve the fastest ad trade recovery of any significant European market this year – bouncing back from UK ad’s £1.8 billion decline in 2020.
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