“The outlook for U.S. advertising is not good,” Coen said, noting that economic expectations have seriously weakened since December. He characterized the industry as being in a “severe slump.”
Projections for 2009 are not much better. In his first forecast for next year, Coen predicted U.S. advertising would be up by 3.1% to $294.0 billion. “I don’t think 2009 is going to be a great year,” he said. “We don’t look for big improvement. It can’t get much worse.”
Overseas, the outlook is better, with some countries faring better than others. Argentina (30%), Russia (23%), China (12%) and Brazil (10%), are all expected to see double-digit growth in ad spending this year, Coen said.