Warc cuts adspend forecast amid Eurozone troubles
Adspend growth has been revised down globally due to "grave concerns" about the volatile conditions in the Eurozone, according the latest International Ad Forecast by Warc.
The UK's adspend growth has been revised down by 0.1% for 2011 from 1.8% to 1.7%. It is also predicted that it will not see the 6% growth previously forecast for 2012, instead the market is expected to grow by 5.2%.
The UK is predicted to be the ninth fastest-growing market in 2011 behind Russia, India, China, Canada, Brazil, Australia, the US and Germany. However in 2012, the UK is expected to be the fifth fastest-growing market behind Russia, India, China and Brazil.
Russia, India and China are still expected to record the strongest year-on-year growth in advertising spend in 2011. Russia is forecast to experience 27% growth in 2011 ahead of India with 13% and China 12%.
Growth in nine of the 12 markets featured in the forecast has been revised down, including Brazil by 2.4% to 5.1% in 2011 and by 2% to 8% in 2012.
France has been revised down by 1.3% to 1.6% in 2011 and down 1.2% to 2% in 2012.
US growth has also been revised down by 0.3% to 2.5% in 2011 although remains unchanged for 2012 at 4.1%.
Forecasts for Russia, Canada and Japan remain the unchanged for 2011 and 2012.
Suzy Young, data editor at Warc, said: "The crisis in the Eurozone is continuing to create havoc for the world's financial markets, and it shows no sign of abating any time soon.
"As a result advertisers have become more and more cautious, even in markets outside Western Europe."
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This article was first published on campaignlive.co.uk