Adspend bounces back with 7.9% growth but 2023 forecast to slow – PQ Media

Global advertising & marketing spending continued to rebound 7.9% to $1.568 trillion in 2022, but spending is projected to grow at a slower 5.3% in 2023, according to a new report from PQ Media. PQ says challenging macroeconomic and re-emerging “secular” industry trends will hamper the fast-growing digital & alternative media channels that fuelled the strong recovery from the pandemic.

The global advertising sector grew 7.5% in 2022 to $713.97 billion, while the overall marketing sector expanded 8.2% to $854.24 billion. Global digital & alternative media spending increased 13.0% to $746.47 billion in 2022, while traditional media spend increased 3.6% to $821.75 billion.

The United States remained the world’s largest media market at year-end 2022 and ranked eighth as far as spending growth, slipping from third fastest-growing market in 2021. Total US ad & marketing spend increased 8.5% to $622.13 billion last year, driven by double-digit upside in both the overall digital & alternative advertising and marketing platforms.

Despite the economic slowdown, many of the top 20 global markets and digital and traditional media platforms had returned to pre-pandemic levels by year-end 2022, as total worldwide advertising & marketing spend was $191.53 billion higher in 2022 than it was in 2019.

The US market was up $90.13 billion and only two of the top 20 markets were trailing 2019 total spend by the end of last year – Russia and Italy, according to the Global Advertising & Marketing Spending Forecast 2023-2027.