Behind the projected $1.631 Trillion Global ad spending boom in 2024

By Zion Rufus

2023 left much to be desired in the global marketing and advertising industry, but the tides are turning as industry experts predict a significant jump in global ad spending this year.

According to a comprehensive forecast by market research firm PQ Media, the world is poised for a remarkable 7.7% increase in advertising and marketing spending, nearly doubling the 4% growth observed in 2023, reaching an impressive $1.631 trillion.

A myriad of factors is propelling this surge, with large-scale events like the Super Bowl and the upcoming Paris Summer Olympics playing pivotal roles. Marketers are strategically leveraging these high-profile events to amplify their messaging, investing heavily to ensure their brands take center stage.

Patrick Quinn, CEO of PQ Media, anticipates that if the robust viewership of the 2024 Super Bowl is any indication of consumer habits, brands will spare no expense to feature prominently in the multi-platform coverage of the Paris Summer Olympics.

The 123.4 million viewers across various platforms during last month’s Super Bowl, as reported by Nielsen, set a new record. The ad inventory was nearly sold out in November, with some brands even opting for overtime ads at an estimated cost of $4 million.

The anticipation of the Paris Summer Olympics and the U.S. political elections further fuels optimism, leading brands to increase their budgets for these impactful events.

Political media buying is anticipated to reach unprecedented heights, exceeding $14 billion in 2024, nearly double the amount spent in 2016.

Last year’s subdued growth of 4%, the slowest since 2015, was attributed to factors like inflation and recession fears. PQ Media, a year ago, predicted a 5.3% rise in ad spend for 2023, making this year’s forecasted 7.7% surge even more noteworthy.

Breaking down the numbers, the report reveals that global advertising witnessed a 2.6% increase last year, reaching $732.89 billion, while spending on a broader spectrum of global marketing activities rose by 5.1% to $897.69 billion.

Notably, the growth was driven by digital and alternative media, which saw an impressive 10.4% increase, while traditional media spending experienced a 1.9% decline.

Influencer marketing, experiential advertising, and digital out-of-home advertising showed substantial growth in double-digit percentages last year, with experts predicting a continuation of this trend throughout 2024.

As the advertising landscape evolves, these unconventional approaches are gaining prominence and proving to be key drivers of industry growth.

The PQ Media report also highlighted the continued dominance of the United States as the world’s largest media market. Ad and marketing spending in the U.S. rose by 3.7% last year, reaching an astronomical $645.08 billion, reinforcing the nation’s central role in shaping global advertising trends.