London’s ad agencies will shake off concerns about global economic turmoil over the next few years, according to the Advertising Association, which is predicting double-digit growth in exports of all things sales-related.
Exports of British advertising services, which includes adverts as well as market research and consultancy gigs, brought in £4.2bn to the UK last year, according to the group.
Numbers crunched by Landman Economics predict overseas sales will climb by an impressive 14 per cent this year, followed by 10 per cent in 2017, with total exports reaching £6.7bn by the end of the decade.
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The research also showed that the UK has the second largest trade surplus in global sales of adverts around the globe, behind only the United States.
“The UK is the most important centre for advertising in Europe, and vies with the USA for global industry leadership,” said business secretary Sajid Javid.
Europe accounts for £1.6bn of the sector’s total exports – the largest of any region – and a top industry figure warned that the success of British advertising could be compromised in the event of Brexit.
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James Murphy, chief executive of agency Adam&EveDDB, said: “From investment in our creative industries, access to the digital single market and transfer of talent, being in the EU gives British advertising a boost over tough global competition. I’m clear that we’re better off inside.”