New York—Citing uncertain economies in the U.S. and Europe, media forecasting agency GroupM, New York, lowered its projection for global ad spending to $506.3 billion this year, a 5.1% increase over last year.
The forecast is down from a projection of 6.3% growth issued in December.
In the U.S., ad spending is expected to reach $152.5 billion this year, up 3.6% over last year. This forecast is down from GroupM's earlier projection of 4.0% growth.
“We attribute the decline in U.S. ad spending to a number of factors, including a loss of economic momentum, the global deterioration from all continents, but particularly the eurozone, and political and fiscal uncertainty at home for the election and beyond,” said Rino Scanzoni, chief investment officer of GroupM, in a statement.