With recessionary and inflation concerns in the
rear-view mirror for the most part, global advertising and marketing spend is set to rise 7.7% to $1.76 trillion in 2024, according to PQ Media.
A year ago, in 2023, there was
a 4.4% increase in global advertising and marketing spending over 2022 to $1.63 trillion.
Breaking this down, in 2023, global advertising spend grew
2.6% in 2023 to $732.9 billion, while marketing spend was up 5.1% to $897.7 billion.
Worldwide digital and alternative media spending was up 10.4% to $824.5
billion, with traditional media spend slipping 1.9% to $806.1 billion.
In the U.S. last year, total ad and marketing spend grew 3.7% to $645.08 billion
as a result of double-digit percentage gains in digital and alternative advertising and marketing platforms.
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This year, PQ Media expects growth in advertising and
marketing spend due to political campaigns in 15 of the top 20 U.S. markets, as well as record media spend for the Paris Summer Olympics.
According to the report,
double-digit percentage growth occurred in the overall global and U.S. markets in 29 of 45 media channels including smart technology marketing, streaming video, podcasting, digital out-of-home media,
influencer marketing and experiential marketing.