GroupM re-calculates 2022 Australia’s advertising forecast

Chris Pash
By Chris Pash | 13 June 2022
Credit: Joshua Earle Unsplash

GroupM expects Australia’s advertising market to grow 5.8% in 2022, a slight downward revision from 6.2% made in December.

This is also below the global growth forecast of 8.4%, slightly down on its December 9.7% prediction.

The Australian number is below that of Zenith which forecasts the advertising market in Australia to grow 8% to 9% in 2022. This was an upgrade from forecasts made in December when Zenith predicted total ad spend in Australia to grow 5% this year.

Claire Butterworth, GroupM’s head of investment for Australia: “Geography is probably a reason as to why our forecast is slightly behind some of the other Western markets.

“Geographically we've got closer ties to China. We have also got larger supply chain issues and the cost of getting goods into Australia. We've also had local interest rate rises.

“But … we've also got the highest amount of household savings that we've ever had in this country.

“Even though the number is slightly back, we still have quite a lot of confidence in the market and with consumers.

“We are quite confident in terms of how we're saying the rest of 2022 and into 2023.”

Over the next five years, Australia is likely to grow by mid-single digits.

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