The short-term impact of the UK’s Brexit vote on the advertising industry has not been as bad as was feared, a new report out today reveals.
Zenith’s advertising expenditure report is forecasting 5.4 per cent growth this year, down 0.2 percentage points from previous estimates.
Globally, adspend is expected to grow by 4.4 per cent this year, reaching $539bn, which is ahead of a June forecast of 4.1 per cent.
Although the UK’s Brexit vote came as a “shock to many in the market”, advertisers have so far reacted “calmly, with no widespread budget reductions”, Zenith said.
However, growth will slow on last year’s rate of 9.2 per cent, the strongest year for 11 years.
“So far the impact of the vote for Brexit has been limited, and confined to the UK,” said Jonathan Barnard, head of forecasting at Zenith.
“The global ad market has strengthened over the past few months, thanks mainly to the resilient US consumer. We expect the global ad market to strengthen further in 2017 and 2018.”