ZenithOptimedia raises forecast for UK ad industry
Growth this year to hit 3% according to media-buying network.
ZenithOptimedia revised its forecast for growth in the UK ad economy this year to about 3 per cent from its growth forecast of 1.3 per cent for April.
The media-buying network said that the UK upgrade was more influenced by a higher revision for newspaper advertising. It predicted that total newspaper advertising would decrease by 1.9 per cent year-on-year, with national advertising expected to be up 2.6 per cent and regional advertising down by 6 per cent.
In April, Zenith predicted that the total newspaper ad market would fall by 5 per cent, with national advertising flat and regional advertising declining by 10 per cent.
National press advertising rose (for the first time since 2007) by 9.5 per cent year-on-year during the first five months.
Zenith predicted a 7, 9.8 and 4.6 per cent growth respectively in UK's TV, outdoor and internet advertising, while it forecasted UK's radio advertising to decline by 2 per cent.
The media agency also raised its global growth forecast from 2.2 to 3.5 per cent driven by stronger than expected growth in Western Europe and the US during the first six months of this year.