"Compared to last December, economic expectations are much brighter," Coen told reporters. "We can have more confidence that sustained economic expansion is in place." In December, Coen forecast 2004 ad spending would grow 5.8 percent globally and 6.9 percent in the United States as the industry rebounds from a multi-year slump. Now, Coen expects global advertising expenditures to grow 6.0 percent this year to $519.4 billion, while U.S. ad spending would rise 7.3 percent to $263.3 billion
Last week, media tracking firm TNS Media Intelligence/CMR said U.S. ad spending would grow 9.3 percent this year, up from a previous forecast of 7.8 percent. Top industry forecasters are growing more bullish about 2004 spending as additional money is invested in the U.S. election campaign and Olympics-related advertising.