With the Jubilee now behind us, many marketing folk still have high expectations for the London Olympics and their impact on business as a whole. Weeks before the big event, agencies and brands have finished planning their advertising strategies, in a bid to make the best of the opportunities provided.
New research from digital research firm eMarketer, confirms the Olympics will help the UK’s advertising sector and will provide it with a significant boost. The research predicts an increase in advertising spend across the UK of 4.8% compared to 2011. This is faster growth than registered in the previous year, when advertising budgets rose by 3%.
The positive effect of the Olympics will be felt much more strongly in the UK than in other European countries and the US, eMarketer predicts, not just during the Games but also well before they start. In comparison, advertising spend across Europe is estimated to grow by 3.7%, and by 2.7% in the US, the research says, citing data from Strategy Analytics.
Based on data from the Institute of Practitioners in Advertising (IPA), eMarketer estimates that advertising budgets have increased in the first quarter of 2012 and it is expected that spending will increase further.
Karin von Abrams, eMarketer senior analyst, comments that the Olympic Games are bound to attract a huge audience, which makes more brands invest in advertising in an effort to reach more consumers.