Companies
The digital advertising recovery, combined with a slightly better economic outlook, led MAGNA to raise its market growth forecast for 2023 and 2024.
Year-over-year comps and a general improvement in the economy led to a recovery in advertising spending in 2Q23. Real GDP grew by +2.4% in the second quarter, much better than the +1% expected in May. Inflation continued to recede, while consumer confidence gradually improved; unemployment remains under 4%.
With the economic outlook improving, MAGNA maintains its growth forecast for the second half of the year. Total ad spend will grow by +7% to +8% in 3Q23 and 4Q23 to bring full year growth to +5.2%, up from +4.2% in the previous update.
Read MAGNA’s Key Findings and more from its Fall 2023 Update here.
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About Collective Intelligence
Collective Intelligence works closely with strategists, planners, creatives, media and engagement professionals, delivering research and thought leadership that helps IPG and its agency partners put creativity and human connections at the center of their work.
