Universal-McCann Revises Ad Spending Forecast Downward
July 9, 2008 at 5:08 AM (PT)
UNIVERSAL-MCCANN's BOB COEN has revised his forecast for online ad spending downward, reports THE WASHINGTON POST. He now sees 12% growth for online advertising this year, where back in DECEMBER, he predicted a 16.5% rise over 2007.
In terms of dollar amounts, COEN expects online ad dollars to come in at $11.7 billion. The reasoning behind the downgrade is not surprising, as COEN cites the pain marketers are feeling from the struggling economy.
Overall, COEN also pulled back expectations for total U.S. ad increases in 2008, which includes radio. He now says national ad spend will gain 2% ($285 billion) instead of his DECEMBER forecast calling for a 3.7% rise ($294 billion).
Worldwide ad spend has been revised slightly: now it's going to be up 4.4% ($667.9 billion), COEN says. Previously, he believed global ad revenues would grow 4.6% ($653.9 billion).