The media agency network has revised its 2012 ad expenditure growth forecast to 3.2%, down from the 3.7% it had predicted in December.
Ad spend in magazines is expected to drop 1.9% year on year to £822m, while newspaper expenditure is predicted to fall 1.7% to £2.5bn.
The shortfall is largely due to supermarkets – traditionally among the biggest spenders on newspaper and magazine ads – decreasing their spend in press by 25% year on year, as retail sales remain flat.
Banks are expected to spend 36% less on press this year.
Jonathan Barnard, head of forecasting at ZenithOptimedia, says while banks spent “a huge amount” on brand campaigns in a bid to boost their images in the wake of the financial crisis, spend has now shifted to smaller, more product-specific campaigns.
Elsewhere, the TV sector has performed above expectations in the first quarter of the year and is sitting just 1% below quarter one of 2011, despite many predicting landslide declines, as the finance and motor sectors increased spend on the channel. The sector is expected to grow 1% to £3.3bn in 2012.
Internet ad spend is set to be the biggest growth area, with expenditure predicted to increase 9.3% year on year to £4.1bn in 2012.