As Exchange4Media reports, the dentsu Global Ad Spend Forecasts predicts that advertising spending will grow to $752.8 billion in 2024 across 58 markets worldwide. That’s up 4.6% and a marked improvement on this year’s projected growth of 2.7%, but accounting for inflation it’s only 2.5% in real terms.
“Despite the current worldwide geopolitical instabilities and economic outlook, in 2024 we can see how significant major political and sporting events are for creating positive growth in ad spend,” says Will Swayne, global practice president for media at dentsu.
As Marketing Dive reports, other projections are likewise modestly upbeat. WPP’s Group M forecasts global ad revenue growth of 5.3% next year on top of a projected 5.8% this year. Interpublic Group’s Magna has a rosier view: 7.2% in 2024 on top of 5.5% in 2023. The two media brands each predicted that pure-play digital channels—media that’s not an extension of TV, out-of-home or other traditional formats—will be particularly strong.
As MediaPost reports, Kantar predicts that “premiumization” will keep spreading in 2024, as consumers demand that price increases reflect real value. The trend is expected to affect how marketers stave off private labels and inflation. “Going forward, brands will continue to struggle with the mix of price relative to value," said J. Walker Smith, Kantar’s chief knowledge officer.
Taylor Swift’s concerts, which sell out at steep prices, are a favored example of premiumization. According to Kantar, 52% ranked in the top tier for strategic pricing this year, compared with 42% last year.
Data privacy, self-service ad platforms, and—inevitably—the growing use of artificial intelligence will be other marketing trends to watch in 2024, according to CMSWire.
