Advertising spend in the UK is expected to rebound dramatically this year as the economy continues its recovery from the depths of the pandemic.
The latest Advertising Association/WARC Expenditure Report predicts that UK adspend will grow by 18.2% in 2021 to reach a total of £27.7bn. This is an upward revision from the 15.2% rise forecast in April.
Growth for magazine brands is expected to mirror the rise across all media, with an increase of 18.2% year-on-year. This figure is driven by magazine publishers’ online channels, where spend is expected to be up 28.1%.
Seventy pence in every pound spent on UK advertising is now invested in digital formats, a rate which accelerated last year and is now surpassed only by China.
“These are hugely encouraging figures for the UK advertising industry and reflect the strong outlook in the wider economy,” said Stephen Woodford, Chief Executive of the Advertising Association.
“If the AA/WARC expenditure estimates turn out as forecast, then the ad industry will contribute strongly to the nation’s economic resurgence this year and into the next.”