Media specialist Carat has issued dramatically revised new forecasts for global advertising expenditure growth this year with UK growth predicted to drop by 7.1% rather than rise by 2.2%.
The previous forecasts for 2009 and 2010 were made in August last year and the new prediction for worldwide expenditure this year is a fall of -5.8% with a small return to growth of 0.7 % for 2010.
Almost every major advertising market saves for China is set to experience negative growth. The US will drop by 9.8% in 2009 rather than the 3.1% rise originally forecast with a further drop of 2.7% in 2010.
The UK is predicted to rise by 2% in 2010. Western Europe as a whole is predicted to decline 6.6% this year instead of a rise of 2.3%. In 2010 Carat foresees a slight rise of 0.1%.
The Asia Pacific market is predicted to see a drop of 0.8% this year instead of a rise of 5.7% and a rise of 4.3% in 2010.
CEO of parent company Aegis media Jerry Buhlmann (pictured) says: “Of course these predictions are just that: our best guess at this point in time, in a market we know to be uncertain.
He adds that for 2010 the company was seeing “some signs for optimism in some countries” and that it believes that the UK, parts of Europe and Asia will start to stabilise.