The Advertising Association and World Advertising Research Council’s report on advertising spending (published today) forecasts that advertising expenditure in the UK will grow quicker than any other major advertising market during 2021.
UK advertising expenditure is forecast to grow by 15.5% in 2021, compared to 3.8% in the USA, and 8.8% in Europe for example, with an 8.3% global average
That follows a 7.7% decline in advertising spend in the UK in 2020, compared to a 10.2% global average.
That growth in 2021 will be led by search and online, but strong growth is also predicted for TV, at 11.6% and for cinema at 228.4%.
Stephen Woodford, Chief Executive, Advertising Association commented:
“The latest figures from the AA/WARC Expenditure Report come as welcome news at the beginning of the year. Not only does the data show the overall decline expected in 2020 may be less than feared, but the recovery in 2021 will be stronger than we would have dared hope even a few months ago. With the vaccine rollout accelerating and a Brexit trade deal in place, the 2021 business outlook is brightening, reflected by these new forecasts showing a stronger and quicker recovery in adspend, with a stronger rebound than in other large economies. With every £1 of advertising spend generating £6 of GDP, this is good news for jobs and growth in the wider economy.”
This is very welcome news in what is the most challenging time for production since last spring.