‚ÄúThe outlook for U.S. advertising is not good,‚ÄĚ Coen said, noting that economic expectations have seriously weakened since December. He characterized the industry as being in a ‚Äúsevere slump.‚ÄĚ
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. ‚ÄúI don‚Äôt think 2009 is going to be a great year,‚ÄĚ he said. ‚ÄúWe don‚Äôt look for big improvement. It can‚Äôt get much worse.‚ÄĚ
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.