Global Advertising Spending To Surge 4.6% in 2024

Global Advertising Spending To Surge 4.6% in 2024

News by Roberto Orosa
Published: December 11, 2023

Global advertising spending is expected to grow in 2024 with an increase of $33 billion, reaching a total of $752.8 billion, according to new research by Dentsu.

These numbers represent an annual growth of 4.6%, surpassing the pace observed in 2023.

However, the study also revealed that media price inflation plays a key role in these numbers, with global advertising spend at constant prices projected to increase by only 2.5% compared to 2023.

Digital Ad Spending Remains the Key Factor

Dentsu's research indicates that digital retail media investments will accelerate the fastest.

Digital advertising is projected to continue its upward trajectory, reaching $442.6 billion in 2024, constituting 58.8% of global ad spend. Programmatic channels, which already account for over 70% of digital ad spend, are also expected to continue growing by double digits.

While the growth rate is slowing down to 6.5% in 2024, digital remains a key driver of ad spend growth. Additionally, digital advertising is expected to account for over 60% of the global ad spend by 2026.

TV ad spending is also forecasted to grow 2.9% and capture 23% of ad spending come next year — a notable increase following two years of declining ad spending.

On the other hand, print ad spending is expected to decelerate to a 2.6% three-year compound annual growth rate (CAGR), as other media including cinema, out-of-home and audio are expected to grow and account for an 18.2% share of advertising spend in 2024. 

The Factors of Growth

The report identifies significant media opportunities in 2024 that could potentially boost this ad spend, from major cyclical events like UEFA Euro 2024 and the U.S. presidential election. 

On a per capita basis, advertisers are estimated to spend an average of $139 worldwide in 2024, showing a 75% increase compared to two decades ago.

In terms of regional growth, America is projected to be the most dynamic, surpassing Asia-Pacific.

It is expected to experience a 5.8% growth in 2024, significantly higher than the 2.5% growth seen in 2023, while Asia-Pacific is predicted to grow by 4%.

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