According to a recent article published on Warc, global adspend is due to increase faster than expected for the rest of 2014; this is due to media network giant Carat revising their forecasts for the year and indicating a growing positive outlook in the major regions.
The research from the firm was gathered from 59 markets, from Asia Pacific, EMEA and the Americas. In March, it was predicted that adspend would increase by 4.8% – but the revised figures indicate that this figure will in fact be more like 5%. The figure for 2015 was also predicted to be 5% but has not been altered after the new findings.
Various regions have also had their figures revised upwards, with North America due to increase from 4.3% to 4.9%, and Western Europe from 1.8% to 2.7%. A few regions did register a slight decrease, with Central & Eastern Europe going down from 5% to 3.5%, and Canada decreasing from 3.8% to 3.3%. The regions of Latin America and Asia Pacific registered much higher figures than any other, at 12.1% and 5.4% respectively.
The UK is ahead of other countries in Western Europe in terms of adspend; in the UK, adspend is predicted to increase from 5% to 7.5% with a number of other markets in the region due to remain relatively unchanged.
In terms of the different forms of media included in the research, digital also received an increased adspend prediction, with a year-on-year growth forecast of +16.1% and a total share of adspend budgets of 20.5% this year – due to rise to 22.6% in 2015.