Why several U.S. ad forecasts predict a better 2024, and not just because of political spending

Three major ad forecasters are predicting improved U.S. media spend totals for 2024, citing improved business conditions. What’s even more encouraging is the forecasts raised their growth estimates independent of what’s expected to be the biggest political ad windfall in history.

IPG’s Magna unit, which issues quarterly ad-spend forecasts including its latest today, bumped up its 2024 expectations a full percentage point from December last year to 6.7%, excluding political ads. Independent media analyst Brian Wieser has increased his expectations (also ex-political) from 5.2% to 5.6%, a small percentage but when applied to hundreds of billions of dollars, it makes a difference. Finally, Forrester released its 2024 forecast two weeks ago, citing 6.6% growth this year to $357.3 billion.

Vincent Letang, Magna’s evp of global market intelligence, based the increase on a few factors: a rise in GDP expectations for the year, as well as slowing inflation and strong job numbers so far. 

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