India leads among larger media markets in advertising across mediums: GroupM report
According to GroupM's 'This Year Next Year Worldwide Media Forecast', Indian ad spends growth rate is estimated at more than 12–13% each year from 2020 to 2024
GroupM has launched it is 'This Year Next Year Worldwide Media Forecast'. The global economy has weakened in 2019 and will remain similarly soft in 2020. Despite solid growth in the US and UK, overall conditions lead us to predict deceleration in advertising growth this year vs. 2018 and in 2020 vs. 2019.
Global advertising, excluding U.S. political advertising (large enough to distort global growth rates by +/-1% each year), expanded by +5.7% in constant currency terms during 2018, capping the third year of better than +5% growth and the best year of the current economic cycle. However, 2019 appears set to grow nearly a percentage point slower, at +4.8%, and growth is expected to slow by another percentage point in 2020 and 2021.
GroupM forecasts +3.9% growth next year and +3.1% growth the following year. Growth is expected to range between +3–4% through 2024. Although worse than recent years, we note that this would amount to a similar pace of growth to what was observed during 2012–2014. It is estimated that the total global advertising market during 2020 will amount to $628 billion, but would likely approach $700 billion on a broader definition that includes spending on direct mail and directories around the world.
The report reveals that India is the world leader among other larger media markets in advertising across mediums and will continue to give a stellar performance in terms of numbers with high single digits. The growth rate in ad spends is estimated at more than 12–13% each year from 2020 to 2024, similar to 2019 levels. India along with Brazil is expected to overtake France’s position in terms of advertising numbers.
Speaking on the report, Prasanth Kumar, CEO, GroupM South Asia said, “In 2020, India faces challenges and uncertainties across sectors, just like other markets. However, this also brings opportunities for brands to innovate. This will be propelled by greater use of technology and better content across media.”
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