Growth in advertising spend is set to stall this year as cautious brands pull back on activity in wake of rising costs and continued uncertainty, according to the latest forecast from the Advertising Association (AA) and WARC.
UK ad spend is expected to grow by just 0.5% in 2023. The AA/WARC forecast is a significant downgrade on their previous prediction that spending would grow 3.8% this year, made in January.
Read the full article on the Marketing Week website
NAM Implications:
- Demand is falling.
- It follows that suppliers and retailers have limits in terms of possible advertising spend.
- The dilemma will be in deciding which section of the belt to tighten…
