UK adspend is forecast to grow by 9.2% this year to £34.9bn, according to the latest analysis from the Advertising Association (AA) and WARC. But the adspend forecast for 2023 is a comparatively low 3.9%, a downgrade from the 4.4% posted three months ago, amid warnings that rising inflation will actually spell a real term contraction in the UK ad market next year.
Gustav Westman, CEO and Founder of BrightBid, said: “Search advertising is predicted to be the fastest growing media over the quarter, rising to £3.4bn. As marketing teams retrench to channels that show immediate value as the economic winds cool, we’ll continue to see an increase in total PPC spend: the AA/WARC report is testament to this.
“As brands and advertisers face the difficult decision of effectively maximising revenue, advocating for technology to help cut down waste and save time and money has become an essential and necessary part to campaigns. Now is not the time to hold off on advertising spending, rather food for thought should be – how can technology help me get more value for my money?”