New York—Citing weakness in the U.S. economy, MagnaGlobal, a division of IPG Mediabrands, revised its U.S. ad spending forecast to 2.9% growth next year, down from an earlier forecast of 4.8% growth.
MagnaGlobal's forecast for U.S. ad spending growth this year remains unchanged at 1.6%.
“A slowdown in real personal consumption expenditures, manufacturing activity and ongoing problems in the labor and housing markets all contribute to our revised outlook,” MagnaGlobal said in the report.
The fastest-growing media categories next year will be online (up 11.6%), TV (up 7.1%) and outdoor (up 4.5%).
More information about the report is available here