Global marketing spend to hit a trillion dollars next year
Total global marketing spend will pass the $1 trillion threshold for first time in 2017, according to the latest forecasts from WPP's GroupM.
Advertising, globally, will amount to $552 billion next year - a 4.3% increase, year on year - but factoring in wider marketing services, the figure rises to more than a trillion dollars.
However, slowing growth in China and Brazil this year has forced GroupM to revise down its 2016 growth estimate to 4% from the 4.5% earlier predicted.
The predications were published this week in the biannual worldwide media and marketing forecast report, This Year, Next Year. The intelligence is drawn from data supplied by WPP's worldwide resources in advertising, public relations, market research and specialist communications by GroupM's Futures Director, Adam Smith.
Examining the Brexit effect, Smith said that there was currently "no tangible evidence" the decision to leave the EU was impacting macro indicators nor budgeting decisions.
"However, in the next six months to a year, it is likely companies will invest less," he writes.
"Job creation, wage growth and productivity will be lower than it otherwise might have been. This is a difference of degree, not magnitude.
"There is no evidence of a Brexit-driven recession at the time of this writing, and though some have deferred 2016 advertising investments, worst-case we still see that UK advertising growth will reach 4.5 percent this year, propelled exclusively by the growth of digital. Our base case remains 6.3 percent, which we will revise as usual in November."
Globally, the growth of digital continues to be high, but it is moderating from 18% in 2015 to 14% in 2016 and 12% in 2017.