"Global Advertising Expenditure Growth Forecast (2021–2024)" Released. Rapid Recovery and Growth Expected from the COVID-19 Pandemic
Dentsu Group released its "Global Advertising Expenditure Growth Forecast (2021–2024)" on January 27, compiled based on data collected from 59 markets worldwide. Key findings are as follows.
- The advertising expenditure growth rate for 2021 reached 17.0%, with the total scale exceeding the 2019 level to reach US$682.5 billion.
This represents a significant recovery and growth from the -7.1% recorded in 2020 due to the COVID-19 pandemic. Digital advertising grew by 29.1%, exceeding 50% of total advertising spend for the first time. Television advertising also recorded its highest growth rate since 2010, at 7.9%.
- Digital is expected to lead again in 2022, with advertising spending projected to grow 9.2% (US$745 billion), outpacing real GDP growth by 4.7 percentage points.
The 2022 advertising expenditure growth rate is projected to be 9.2%, exceeding the real GDP growth rate (forecast). Comparing the growth rate two years after the 2008 financial crisis to the growth rate in 2022, two years after the COVID-19 pandemic, shows it is approximately three times higher.
- Growth is expected to continue at levels exceeding 2019's 4.1%, reaching 4.6% in 2023 and 5.8% in 2024.
Digital advertising will continue to drive global advertising market growth, with its share projected to reach approximately 60% by 2024.
Looking at 2022 in detail, regional forecasts indicate positive growth across all regions: North America, Asia-Pacific (including Japan), Western Europe, Latin America, Central and Eastern Europe, and the Middle East. By country, the top markets by size remain the United States, China, Japan, the United Kingdom, and Germany. High growth rates are anticipated for India, the United States, Russia, and Canada.
By media type, digital advertising, which continues to drive global advertising spending, is projected to grow by 14.8% due to video advertising, connected TV, programmatic, and e-commerce. Digital's share of total advertising spending in 2022 is expected to reach 55.5% (US$408 billion), more than double television's share (26.9%) for the first time.
By industry, advertising expenditure growth in 2022 is expected in travel (10.3%), which is anticipated to rebound from the significant impact of the pandemic, and automotive (7.6%), which is expected to see continued demand growth in emerging markets and increased demand for private vehicles as a means of transportation post-pandemic.
(Survey Overview)
・Data Collection Method and Areas: Data was collected using a bottom-up approach from 59 markets across the Americas, EMEA, and Asia-Pacific by late December 2021, incorporating specialized insights from each market.
・Media Types: Digital, TV, Newspapers, Magazines, OOH (Outdoor/Transport), Radio, Cinema
・Conversion Method: Amounts provided in local currency, net of negotiated discounts and agency commissions. Global and regional figures converted to USD using the average exchange rate for November 2021.
・Click here for the Japanese release
・APAC English release here
・Detailed Report (English) is available here
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