Global Marketing Spend Growth Decreases Amidst Economic Woes

The total amount of money that is spent on marketing is useful to consider because of the fact that this is the sort of thing that could potentially end up revealing the trajectory of the economy. The past few years have not been kind to the marketing industry, but in spite of the fact that this is the case there were some hopeful signs that could be seen back in 2022.

Global marketing spends increased by around 7.9% in 2022, reaching a record total of $1.568 trillion with all things having been considered and taken into account. However, 2023 has seen this growth rate decrease somewhat, and it is predicted that the growth rate will continue to be lower which will make the marketing industry somewhat less profitable than might have been the case otherwise.

With all of that having been said and now out of the way, it is important to note that the projected growth rate for marketing spends in 2023 is estimated to be around 5.3%. That will bring the total global marketing spend to around $1.651 trillion. This is a healthy growth rate, but it pales in comparison to what was occurring just a year prior.

The US continues to be a bright spot in terms of marketing spends, however. Ad budgets in the US are outpacing spends in other parts of the world in terms of growth. For example, in the US, it is estimated that marketing spends will increase by 5.9% in 2023 which is over half a point higher than what is being seen in other countries around the world.

This isn’t the first time that the US has outpaced the rest of the world either. In 2022, the US saw a marketing spending uptick of 8.5%, which outstripped the global spend increase by a similar margin. It will be interesting to see how this plays out in the future. The US is starting to become an increasingly significant player in the world of marketing. That could give the global superpower even more of an upper hand in yet another arena since it is not impacted by economic woes quite as much.

H/T: PQMedia

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by Zia Muhammad via Digital Information World