Survey says more hard times ahead
but sees a recovery in late 2002
LONDON - Zenith Optimedia's latest advertising spend survey predicts another difficult year for the industry, with a recovery emerging later in 2002.
The survey predicts global advertising spend will fall 5.8% in real terms this year and 1.3% in 2002 on a worldwide basis.
The US has an even worse time ahead, with a decline of 6% predicted for this year. However, Zenith has forecast this will fall to 1.5% in 2002. The report says that the September 11 attacks worsened the slump, but did not "derail" advertising outside the US.
Media-buying giant Zenith says that a full recovery in advertising spend in the US is not likely to be seen until 2004.
Sectors particularly hard hit by the slump are dotcoms, telecommunications, financial services and the recruitment sector. Consumer goods are doing well.
Zenith has released four surveys over the past year, but this is the first that had predicted an improvement instead of more gloom.
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