Global advertising will decline 9.1 percent in 2020 driven by the coronavirus pandemic, including a 7.0 percent drop in the U.S., according to media planning firm Zenith. Details:
Zenith says ad spending is"beginning to return" after the coronavirus pandemic hit and sees digital advertising attracting more than half of total global ad spend this year, earlier than forecast.
"The U.S. has been relatively resilient, benefiting from record political spending in the run-up to the presidential elections in November," the company explained. Zenith also said that ad spending is "beginning to return," forecasting a 5.8 percent gain for 2021, boosted by the rescheduled Summer Olympics in Tokyo and UEFA Euro soccer championship. "Advertisers pulled back spending sharply when the scale of the coronavirus crisis became clear. The steepest declines took place between March and May, with timing varying by country. These declines have now started to ease and are expected to gradually moderate over the rest of the year.
Zenith noted a similar "digital acceleration spurred by social distancing and new behaviors," explaining: "Consumption of digital media, along with television, spiked in the early weeks of lockdown. Although both are now trending down again, they are not expected to retreat to pre-crisis levels any time soon.
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