The global advertising industry will notch higher growth this year than previously expected and is likely to continue its streak in 2022 as brands are relying more heavily on search engine and social-media companies such as Alphabet Inc's Google and Meta Platforms Inc to reach customers during the pandemic, according to two ad industry forecasts released on Monday.
Despite a year marked by worldwide supply chain disruptions that delayed products from reaching shelves and a user privacy clampdown by Apple Inc
New businesses formed during the pandemic needed to advertise to find customers, while others likely maintained ad spending to stay in front of consumers' minds, said Brian Wieser, global president of business intelligence at ad agency GroupM.GroupM forecast global ad spending to grow 22.5% in 2021 from the previous year, while Zenith estimated growth of 15.6%. Both estimates were revised up from previous expectations.
, major sellers of digital ads and which now account for more than half of all advertising spending outside of China, an increase from closer to 40% in 2019, GroupM said.
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