LONDON – Financial meltdown and rogue traders notwithstanding, this year's US presidential elections and the Beijing Olympic Games are expected to keep the wolf from adland's door, according to media network GroupM.
The WPP Group division is forecasting a 6.8% rise in global measured media spend during 2008, reaching $479 billion (€325.8bn; £241.8bn). This compares with a 6% increase in 2007.
The firm says: "We expect half of 2008's new ad dollars to find their way onto TV, which dominates advertising in emerging markets and is the lead medium in US elections and Olympics coverage."
Adds GroupM futures director Adam Smith: "Encircling economic gloom has not affected GroupM's view of marketing investment in 2008."
He estimates that the "internet will soak up 28% of new investment and lead advertising growth in the developed world, particularly Western Europe".
Media spend in China is expected to grow 25%, down from the previous year's 29%, although it will be the biggest contributor, with a 21% share of total global spend, ahead of the USA's 20%.
Data sourced from mandmeurope.com; additional content by WARC staff