[eMarketer] Global ad spend to grow by over 10 per cent this year
Global spending on advertisement is projected to grow by 10.6% year over year in 2021, going by forecasts from from media agencies Dentsu Aegis, GroupM, Magna, and Zenith.
This is a 3.3 percentage points growth from January 2020’s consensus of 7.3%.
eMarketer updated its forecast in March 2021, estimating that worldwide total media ad spend will grow by 15.0% this year to $747.67 billion. That’s up $56.17 billion, or 8.1%, from our prediction in September 2020, which was made just prior to the emergency approval of several vaccines for use worldwide.
The anticipated decline in global ad spend was less steep than expected—the consensus expectation for 2020 was a decline of 5.2%, while we anticipated a decline of 4.5%.
The actual contraction for the year ended up being a decline of only 1.2%, largely driven by the fact that digital ad spending just barely missed pre-pandemic estimates. Additionally, the global economy is now recovering more quickly than anticipated, as vaccines roll out in many countries that are heavy ad spenders.