UK advertising spend rose 6.3% year-on-year to reach £23.6bn in 2018, marking the ninth consecutive year of market growth and highest annual total since monitoring began in 1982.
The final quarter of 2018 recorded expenditure growth of 5.7% over Q4 2017, with ad spend reaching £6.5bn. This includes spend during the crucial Christmas period and marked the 22nd consecutive quarter of market growth.
Advertising spend is forecast to grow 4.8% this year, with a further rise, of 5.5%, projected for 2020. This would push investment to over £26bn, completing more than a decade of continuous expansion for the UK advertising industry.
Stephen Woodford, Chief Executive at the Advertising Association, commented:
“These figures demonstrate, once again, the strength and resilience of the UK advertising industry during a time of political and economic uncertainty in the UK – they are a testament to the world-class capabilities of the third of a million people working in advertising and marketing services across the UK. With every pound spent on advertising generating six pounds of GDP, a strong advertising industry is a key pillar of a strong economy.
“With further growth predicted for both 2019 and 2020, UK advertising looks set to deliver over a decade of continuous growth. Like all UK industries, we hope to see a positive resolution of the Brexit situation, with business-friendly data, immigration, and trade outcomes that could further boost this forecast growth”.