: Social media AdSpends to reach 7bn in 2022, overtaking TV at 4bn: Zenith AdSpends report #IndiaNEWS ##SocialThrowback Zenith’s Advertising Expenditure Forecasts report suggests that Social

Social media AdSpends to reach 7bn in 2022, overtaking TV at 4bn: Zenith AdSpends report #IndiaNEWS ##SocialThrowback
Zenith’s Advertising Expenditure Forecasts report suggests that Social media will lead the market with 15% annual growth to 2024 & online video to grow 14% a year. More AdSpends 2022 statistics shared

The global ad market will continue its remarkable recovery from the 2020 downturn with 9. 1% growth in 2022, after 15. 6% growth in 2021, according to Zenith’s Advertising Expenditure Forecasts report, published today. Global AdSpends will expand by 5. 7% in 2023 and 7. 4% in 2024 as brands continue using advertising to spur further growth in ecommerce.

Zenith estimates that global adspend will reach US5bn in 2021, up from US4bn in 2019, and will rise to US3bn by 2024.

These forecasts were prepared before the emergence of the omicron variant and should be read with this in mind. It is too early to make any definite statement on how the variant will affect advertising, but clearly, it has increased the risks. The travel, hospitality, and bricks-and-mortar retail sectors in particular face risks on the downside, but there is potentially an upside to ecommerce and related digital advertising.

COVID-19 Setbacks Extend The Period Of Heightened Digital Transformation

The pandemic has thoroughly disrupted shopping habits. Many consumers who would prefer to browse and purchase in person are shopping online by necessity. Businesses have responded by investing more than would otherwise have been justifiable in new technology, infrastructure, organisational change – and advertising. This includes brand advertising to promote ecommerce platforms, performance advertising to direct traffic to them, and advertising within these platforms (‘retailer media advertising’) to promote specific products, all of which have surged.

Over the last six months, it has become clear that booster shots are necessary to maintain the effectiveness of vaccines, that the fully vaccinated are able to pass on infections quite readily, and that substantial pockets of the population are unwilling to be vaccinated at all. Progress towards containing COVID-19 has been slower than expected, and consumers have been less willing to resume in-person shopping. Businesses have continued their heightened investment in digital transformation, during a period in which many expected to ease back as consumers returned to shops. Digital advertising has therefore been stronger in the second half of this year than previously expected. Zenith now estimates that digital advertising will grow by 25% year-on-year in 2021, compared to the 19% estimated in the previous forecast, published in July.

Zenith expects digital transformation to slow down, but not go into reverse, as the pandemic eases in 2022 and beyond.