Total advertising spending in Australia will be much weaker in 2014 than predicted with marketing intelligence firm Warc revising down its outlook for growth in the Australian marketplace.
In January, the firm predicted that year on year growth in Australia would stand at 3.6 per cent. Today's report put the figure at 2.1 per cent.
The downgrade for Australia is the biggest in any of the 13 markets covered in the Consensus Ad Forecast bar Russia (-1.7) in terms of percentage points. However, the Russian market is still expected to grow 9 per cent year on year.
Brazil, the US and the UK had the biggest upward revisions. Much of the Eurozone remains in the doldrums with Italy's slump predicted to deepen.
Globally, Warc's estimates suggest the rate of decline for magazines and newspapers this year will be faster than it anticipated in January. Growth in other categories has been revised back everywhere bar digital.
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