With all the economic fundamentals pointing in the right direction, advertising spend in Ireland is likely to rebound by 2.7% this year according to the latest Advertising Expenditure Forecasts, which is published by media agency ZenithOptimedia.
It is the first growth the domestic advertising market has experienced since 2007 and although it is still modest, it is the second highest level of growth in Europe, with only Belgium likely to achieve a growth rate greater than Ireland’s. ZenithOptimedia is forecasting a 3.5% increase for Belgium.
The agency is also forecasting that the Irish ad market will continue to grow over the coming years with forecasts of 4.5% and 6.6% for 2015 and 2016 respectively.
ZenithOptimedia’s Advertising Expenditure Forecasts report contains forecasts of advertising expenditure by medium for 80 countries. It has been published continually since 1987, and is used by agencies, media owners, banks, analysts, consultants, academics and governments around the world.
Not surprisingly, digital advertising, specifically mobile will drive this growth. Consumers are spending more and more time online and advertisers and marketers are becoming more confident in its role within the media mix.
Internet adspend in Ireland will reach the same levels as TV for the first time ever in 2014 according to ZenithOptimedia. By 2015, however, online adspend in Ireland will overtake TV and by 2016 it will account for a whopping 32% of advertising spend, a significant increase on 2013, when it accounted for 25.5%.
TV’s share of the market, meanwhile, will remain flat at 28%, with most of the share growth in online coming from declines in newspaper and magazine adspend.