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UK moves up global adspend rankings behind US and China

Growth still slowing as world economy struggles

WPP’s GroupM has produced its end of year forecasts for adspend in 2023 with the suprising finding that the UK, hardly enjoying an economic boom, is set to overtake Japan as the third biggest ad market globally behind the US and China.

The UK is forecast to grow 4.6% (a downgrade from Group M’s previous 5.3%), narrowly ahead of Japan’s 4.4%, blamed on a weakening yen.

The US is forecast to grow by 5.7% with China, despite its own economic problems, up 6.1%.

Digital still rules

According to GroupM digital in all its guises accounts for over 80% of all UK ad expenditure (the highest proportion in Europe) but growth is slowing in pure-play digital (hardly surprising give its dominance) to 7.7% in 2023 and 5.5% forecast for 2024.

Linear TV will continue to struggle while connected (personalised) TV is growing strongly. Digital Out of home is also set to grow as the number of digital screens nationwide increases steadily. Retail media is the fastest-growing sector globally.

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