The global advertising industry will grow more than expected this year, as brands rely on search engines and social media such as Alphabet Inc.’s Google and Meta Platforms Inc to reach customers during the pandemic, according to two. industry forecasts.
Despite a year marked by supply chain disruptions and user privacy measures from Apple Inc., which were feared to interfere with advertising, brands have continued to advertise online as in-store purchases are not available. have fully recovered, he said Jonathan Barnard, director of global intelligence of the firm Zenith.
New businesses formed during the pandemic needed to advertise to find customers, while others likely kept spending to stay on consumers’ minds, he said. Brian Wieser, global president of business intelligence for the advertising agency GroupM.
GroupM forecast that global ad spend will grow 22.5% in 2021 over the previous year, while Zenith estimated a 15.6% rise. Both estimates, released Monday, were revised up from previous expectations.
Global ad spend is expected to increase about 9% in 2022, according to reports.
Growth has been a blessing for Alphabet, Meta and Amazon.com Inc, the top sellers of digital ads and now account for more than half of all ad spend outside of China.
The need for marketers to reach consumers directly has also led to the success of retailers such as Walmart, Target, and Kroger rapidly growing their own ad sales businesses, allowing brands to use their shopper data to target more customers.
This form of advertising grew 47% this year to total $ 77 billion and is expected to grow to $ 143 billion by 2024, according to Zenith.
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