Calling 2001 the "greatest slump" in years, CMR pointed to the events of Sept. 11 as exacerbating an already slow economy and accelerating a decline in ad spending for the remainder of the year.
"As our nation emerges from recession, we believe the worst is behind us and expect to see a slight industry rebound by the onset of the third quarter of 2002," said David Peeler, president-CEO of CMR, in the report.
Spending will continue to be soft during the first two quarters of the year, although the declines will be less than those seen in the third and fourth quarters of 2001. Internet advertising will be strong, expected to grow 8.8% this year. CMR predicts smaller increases for network television (2%), cable TV (1.1%) and magazines (0.6%).