US ad and marketing spending is expected to decline 7.1% to $494.23 billion in 2020

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 25, 2020, 1:39 AM UTC

Digital media will accelerate growth for global advertising and marketing economy in 2021.

A report released by PQ Media projects a 7.1% drop in 2020 to $494.23 billion for the US advertising and marketing spend. Owing to markets being affected by the COVID-19 pandemic, global advertising and marketing spend are expected to decrease 6.8%.

Advertising’s share in the overall market is expected to decrease 7% globally to $583.71 billion. Other areas of marketing though are predicted to drop by 6.6% to $694.23 billion.

Patrick Quinn, CEO of PQ Media states that global advertising and marketing economy will slump to $1.278 trillion, the lowest since 2017. However, global advertising and marketing economy is projected to recover from 5.9% in 2020 to 11.3% in 2021.

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