Media agency network Carat has revised its growth forecast for global advertising expenditure in 2008 and 2009.
The firm now predicts that global ad expenditure will rise by 4.9 per cent in 2008 as opposed to its previous March estimate of six per cent. Carat also forecasts that ad expenditure will grow by 4.8 per cent in 2009 versus its previous estimate of 4.9 per cent.
The principal markets that are responsible for Carat’s revisions for ad spend are the UK, Spain, the US and China.
In the majority of developed economies, the contribution to growth of advertising expenditure is likely to be less than five per cent, while double-digit growth is expected from emerging markets such as central and Eastern Europe.
It is also predicted that internet is set to overtake radio this year to become the world’s third most popular medium, behind TV and print.
Jerry Buhlmann, chief executive of Aegis Media, said: “It is significant that the US and the UK, as the highest spenders on advertising in their regions, are showing reductions in our forecasts. But overall, the picture is still one of growth.”