Global ad spending forecast revised downward

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New York—Advertising spending will be less than expected this year, growing 3.4% globally instead of an earlier forecast of 4.5%, according to advertising media company GroupM. GroupM said ad spending in 75 countries will reach $507 billion this year, a slight slowdown from 2012 when spending grew 3.6% to $490 billion, the company said in a statement. However, global ad spending for 2014 will pick up again, increasing 5.1% over this year to $533 billion, the company said. For the U.S. market, GroupM said advertising investment would grow only 1.8% this year to $156 billion, up from $153 billion in 2012. For 2014, the forecast is a 2.9% hike in spending to $161 billion.
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