It's tough out there. Carat has revised down its ad spend forecast for Australia, predicting just 0.1% growth this year, and 0.9% next year. In March, it had forecast 2.1% growth for 2014 and 1.9% in 2015.
The downward revision is not as bad as that made by Starcom earlier this year, which reversed its previous growth prediction to a 2% decline in its mid-year update at the start of August.
The new Carat figures show Australia is at odds with the global market where Carat has revised its global forecast upwards predicting a 5% acceleration in ad spend, up from 4.8%, for the rest of this year and next, driven by the UK and the US.
The media group expects the APAC region to outperform global growth at 5.4% - driven by China and India. All markets are expected to return to positive growth in 2015.
Growth of 2.7% is expected in Western Europe after two years of decline with the UK forecast “robust” 7.5% growth.
Globally, digital is expected tor each 20.5% of total spend in 2015 and 22.6% in 2015, when it will outpace newspapers and magazine's share for the first time, according to the agency group. All media channels, except print, are expected to achieve between 3% and 5% growth in 2015.
The report takes in 59 countries across Europe, APAC, and the US.
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