Advertising executives greeted 2012 with a dose of skepticism. But more than two months into the year, initial concerns about advertising growth potential in the light of economic uncertainty are making way for a more positive mood. Advertising bookings are holding up and evidence is mounting that the global advertising market will outperform economic growth in 2012. We forecast total advertising revenues to grow by 5.2 percent in 2012.However, this is by no means an indicator of the structural health and solidity of the advertising market. Instead, it is a lucky escape owed to a one-off constellation of quadrennial events, advertisers’ cash reserves, and ongoing dynamism of advertising in Latin America, China and Russia. Quadrennial events such as the U.S. presidential elections, London Olympics and the European Football Championship are generating incremental advertiser demand that will help advertising revenue growth in 2012 despite a weak macroeconomic outlook. Furthermore, in contrast to the 2008/2009 recession, advertising markets are exhibiting a greater resilience to macroeconomic uncertainty as advertisers have set aside large cash reserves and innovations in the product cycle are prompting brands to increase their marketing expenditures.Suppliers of advertising inventory such as TV broadcasters at the end of 2011 had braced… Read full this story
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