New York—Hampered by the lingering debt crisis in the region, Western Europe saw total media spending increase just 1.8% this year to $114.4 billion, according to an estimate from eMarketer. The company had previously forecast total ad spending in the area would grow 3% to $115.8 billion.
Nonetheless, online advertising is growing faster than anticipated in the region, increasing 12.8% to $24.5 billion this year. EMarketer estimates online advertising will increase 13.9% in 2012 to $27.9 billion.
“As economic concerns deepen in the eurozone, the shift of advertising from offline to online platforms is accelerating in all major regional markets,” said eMarketer senior analyst Karin von Abrams in a statement. “Advertisers value the cost-effectiveness, flexibility and accountability of digital ads more highly than ever.”
EMarketer also estimated that mobile ad spending in Western Europe will surpass $1 billion next year and post a a compound annual growth rate of 52% through 2015.