MARKETING budgets in Britain are set to exceed £20bn in 2015 led by booming growth in online advertising spends, according to the latest industry figures.
Research from trade body the Advertising Association in conjunction with marketing company Warc said that last year’s UK advertising spend of £17.87bn – breaking 2007’s record £17.4bn – is set to grow by 5.5 per cent this year and 6.6 per cent in 2015.
“The forecast explosion in mobile advertising and digital formats points to UK advertising at the centre of a global revolution in consumer information, service and choice,” said Advertising Association chief Tim Lefroy.
Internet advertising is expected to grow 12.4 per cent this year, of which mobile is set to grow by 73 per cent.
The advertising industry is closely watched by economists as it is seen as a bellwether for the wider health of the economy, and is closely linked to consumer spending.
“Another set of positive indicators to support the growth story – every pound spent on advertising returns six to GDP,” added Lefroy.