Ad spending is expected to rise by 6% in 2023, with more focus on digital ads.
The new forecasts come from the Winterberry Group's "The Outlook for Advertising, Marketing and Data 2023" report.
- The report predicts advertisers will spend $509B in 2023 compared to $481B in 2022.
- $307B of the total $509B spending is expected to be concentrated in digital marketing channels, followed by connected TV, receiving the next big chunk of investments, growing at 27%.
- Investments in data and data services are also expected to increase by 7% to $34B.
- Influencer spending is expected to grow by 17.5%.