British brands and marketers spent £9.2 billion (around U.S. $11.74 billion) during the first three months of the year, an increase of 9.3 percent compared to the same time frame last year.
That was the findings of the Advertising Association and WARC (AA/WARC) in its latest Expenditure Report, which claimed the amount of money spent on advertising in the United Kingdom set a new record for a first quarter (Q1) period of any year measured.
Stronger-than-expected online growth helped fuel marketing spend during Q1, AA/WARC found, and that momentum will continue into the second quarter (Q2) of the year. Q2 ad spending is now forecast at £9.7 billion (around U.S. $12.49 billion) due to increased ad inventory purchases against the UEFA Euro 2024 football (soccer) tournament, AA/WARC says.
Accordingly, AA/WARC have upward adjusted their forecasts for 2024 and 2025, anticipating a 7.7 percent growth from £39.4 billion (around U.S. $50.71 billion) in ad spending and commitments through this year.
The latest AA/WARC Expenditure Report is available to download by clicking or tapping here.
