In its latest research into global ad markets, the media agency has predicted US$471 billion to be spent on ads worldwide this year, growth of 4.1 per cent. This is the same level the industry was enjoying in 2008 before financial markets melted down in October.
While the improvement is certainly welcome, ZenithOptimedia predicts even further growth in 2012 and 2013. "The ad market continues to recover from the 2009 recession, but growth has dipped this year in response to economic pressures, natural disaster and political disruption," it's report says. "More robust growth is forecast to resume in 2012 and 2013."
The positive growth message for the world market hides some changes in the weights of various regions. ZenithOptimedia has downgraded its growth expectations for the North America, Western Europe, Central and Eastern Europe, and Latin America markets, but significantly increased its predictions for the Asia-Pacific region.
"These adjustments are counterbalanced by our increased forecast for Asia-Pacific, which we now expect to grow 5.9 per cent this year, up from the 4.6 per cent we forecast in April. This is partly because the earthquake in Japan has been less disruptive than initially feared. We now forecast ad expenditure in Japan to decline (only) 2.4 per cent this year, down from 4.1 per cent (originally predicted).