âThe outlook for U.S. advertising is not good,â Coen said, noting that economic expectations have seriously weakened since December. He characterized the industry as being in a âsevere slump.â
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. âI donât think 2009 is going to be a great year,â he said. âWe donât look for big improvement. It canât get much worse.â
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.