Global advertising and marketing spend rebounded in 2022 and will continue to grow in 2023, according to PQ Media’s Global Advertising & Marketing Spending Forecast 2023-2027, but that growth will likely decelerate this year as “challenging macroeconomic and re-emerging secular industry trends hamper the fast-growing digital and alternative media channels that fueled the strong recovery from the pandemic.”
That global spend rose 7.9% (to $1.568 trillion) last year, but is projected to only grow by 5.3% in 2023. In 2022, U.S. spend rose 8.5% (to $622.13 billion), making it the 8th-ranked country in terms of spending growth.
According to PQ Media, the 2022 growth can be attributed to smart technology marketing, streaming audio and podcasting, streaming video, digital OOH media, influencer marketing, and digital gaming.
“While we expect slower full-year expansion in 2023, fears of a broad-based global recession have subsided somewhat,” said Patrick Quinn, CEO of PQ Media. “Despite the economic slowdown, many of the top 20 global markets and digital and traditional media platforms had returned to pre-pandemic levels by year-end 2022.”