According to the document, advertising spending reached 19.6 billion pounds in the first half of the year
Warc released the Advertising Association/Warc expenditure report and found that advertising in the UK recorded spending of £10 billion during the second quarter of 2024, marking an increase of 13.4%. According to the document, the result was just over four percentage points above the forecast due to stronger than expected digital growth and relatively weak comparable results for 2023. Now, the data shows that advertising spending increased by 13 .5% to £19.6 billion in the first half.
Furthermore, the Advertising Association/Warc has updated forecasts for 2024 as a whole by 2.9 percentage points and spending is now expected to surpass the £40 billion barrier for the first time, reaching £40.5 thousand millions of pounds. According to the organization, this scenario is largely due to better digital results and represents a year-on-year increase of 10.6%, with growth in real terms for 2024 expected to be 7.9%.
Also according to Warc, advertising spending in the United Kingdom is expected to register annual growth ahead of the main European markets, such as France (8.0%), Spain (5.7%), Italy (5.4 %) and Germany (4.0%).
According to the report, the latest figures from April to June this year show that the main online formats recorded growth, including online display (21.6%) and search (12.7%), along with out of home (17%) . Men’s Euro broadcast benefited TV with 9% growth in the quarter, representing the strongest quarter for TV in over two years. Regional newspapers and magazines recorded their first growth since the recovery from the pandemic in the second quarter of 2022, with spending increases of 1.9% and 0.5%, respectively.
By 2025, the Advertising Association/Warc expects the UK advertising market to reach £43.1 billion of spend, an increase of 6.5% and a one percentage point increase on the July forecast.
“Advertising plays a vital role in funding culture, media and sport – and the second quarter results show how advertising can play a key role in supporting the success of events such as the men’s Euros, the Olympic Games and the Paralympics,” says Stephen Woodford, CEO of the Advertising Association.
Credit: Photo by simon frederick on Unsplash
