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Marketing spend 'to rise by 3.5% during 2010'
Marketing News |
21/07/2010
New research suggests that the ongoing economic uncertainty is doing little to damage businesses' marketing plans around the globe.
Research conducted by Zenith Optimedia suggests health is slowly being restored to the worldwide advertising markets after a rocky couple of years.
The firm has raised its outlook for global marketing spend for the third consecutive time, and is now expecting the industry to expand by 3.5 per cent in 2010.
Back in April, Zenith predicted growth of 2.2 per cent, but the company is now confident of stronger growth over the remainder of the year, despite the effects of the eurozone debt crisis.
Internet marketing is expected to drive the industry with 13 per cent growth, while mobile and social media are also seen as high-potential channels.
A further three per cent decline in newspaper advertising is expected, with radio revenues also falling by 1.4 per cent this year.
In terms of regions, North America and Europe are likely to witness the most significant advertising spending, Zenith said.
The only exceptions to this trend are likely to be the ailing economies of Greece and Spain, where spending is predicted to fall by 13.9 per cent and 0.7 per cent respectively.
Reports of increased global advertising spending come just one week after the Institute of Practitioners in Advertising and accountancy firm BPO reported a fall in budgets among UK businesses.
The report found that 20 per cent of companies cut their marketing spend between April and June, while just 15 per cent increased the level of finance available for investment.
Business confidence was also found to have declined between April and June 2010, with positive sentiment at its lowest level for a year.
Posted by Jon Aspinell
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