2013-09-13 07:05:00

Carat, the world's leading independent media communications agency, today publishes its updated forecasts for worldwide advertising expenditure in 2013 and 2014.

Based on data received from 57 markets around the world, Carat's data shows continued positive momentum for global advertising expenditure in 2013 and 2014. Carat predicts global advertising expenditure will grow by +3% in 2013, a slight decline from the +3.7% predicted in March 2013, and global advertising spend forecast for 2014 will grow by +4.5%, also down fractionally from the previous forecast of +5.0% in March 2013.

Predictions for 2013 are lower than previously forecast due to a slower upturn of the global economy; however the expectation of market recovery to positive growth in all regions in 2014 is predicted. After two consecutive years of market decline, Western Europe is predicted to experience a slow and gradual recovery even in markets registering double digit decline in 2013, such as Greece and Portugal.

Confidence in the post-Olympics UK economy is reflected in the country's strong performance and resulting in an increase of +3.6% year-on-year growth in 2013, rising to a predicted +5.0% in 2014.

By media, Digital spend continues to outpace all other media with the highest year-on-year growth rate of +15.6% in 2013, more than +10% higher than any other media and a trend which is expected to continue as emerging markets, such as Brazil adopt a more digital approach. Digital spend predictions continues to meet expectations of taking one out of every five dollars from the advertising wallet in 2014.