New York—Advertising spending will be less than expected this year, growing 3.4% globally instead of an earlier forecast of 4.5%, according to advertising media company GroupM.
GroupM said ad spending in 75 countries will reach $507 billion this year, a slight slowdown from 2012 when spending grew 3.6% to $490 billion, the company said in a statement. However, global ad spending for 2014 will pick up again, increasing 5.1% over this year to $533 billion, the company said.
For the U.S. market, GroupM said advertising investment would grow only 1.8% this year to $156 billion, up from $153 billion in 2012. For 2014, the forecast is a 2.9% hike in spending to $161 billion.