The global economy has had a rough couple of years. In the United States we had the Great Recession; Europe had the near collapse of the European Union with Greece flopping, Turkey holding on for dear life, Spain and Italy struggling with 20%+ of their youth unemployed; and China had been experiencing monster growth and monster decline at the same time.
What's nice about interdependence is that everyone feels the pain of an economic slowdown, although in different severities.
Yet, according to holding company WPP's Group M, a media buying company, global advertising spend is supposed to reach and eclipse the ad spend from 2007, the last peak of advertising revenue before all this economic craziness started to hit the world.
Yes, in the WSJ's CMO Today, Group M projects that the U.S. and China's advertising expenditures will help boost the global advertising spend over the 2007 hump.
So what does this mean?
Right now, nothing, really. It's an estimate. But if Group M is right, then it is showing that businesses are sitting less on the mountains of cash they stored during the Great Recession and the slow economic buildup. It means that we could see businesses getting a little more technologically advanced.
More businesses advertising could prove to be a positive correlation to consumer confidence as ad spending. Or maybe Group M is trying to plug this mindset into the marketing commuity by saying it'll get better by 2015, hoping for a good holiday fight for ads.
Anyway, it's good news. And there's nothing wrong with that.
Dwayne W. Waite Jr. is partner and principal at JDW: The Charlotte Agency, a marketing and advertising shop in Charlotte, NC. He enjoys consumer behavior, economics, and football.
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