The Week: Advertising news - Zenith rethinks on adspend

ZenithOptimedia has downgraded its 2008 growth forecast for adspend in Europe and North America from 4.4 per cent to 3.8 per cent because of the credit crunch.

Overall growth for the global advertising industry in 2008 has been adjusted from 6.7 per cent to 6.5 per cent, with spend expected to hit £249 billion by the end of the year. The report adds that the emerging markets in Asia-Pacific will overtake their counterparts in Western Europe by 2010. Separately, a report from the World Advertising Research Centre and the Advertising Association has predicted 4 per cent adspend growth in 2008, with UK adspend expected to rise by 3.5 per cent.