Weak campaign: High inflation and deteriorating business sentiment eats into marketing budgets in 2023
Advertising agencies have been driven by consistent growth in online advertising as internet usage has risen significantly. Mobile advertising has risen particularly strongly, providing opportunities for ad agencies. Businesses across all sectors seek advertising services to promote their products and services to more consumers, limiting revenue volatility for agencies. However, some businesses have chosen to deal directly with online providers or used the services of external firms, such as public relations firms. Recent adverse economic conditions, including Brexit and the COVID-19 outbreak, have subdued business sentiment, constraining spending on advertising services. Industry revenue is expected to contract at a compound annual rate of 1% over the five years through 2023 to €835 million, including an estimated 3.8% drop in 2023.
Advertising agencies produce, place and provide advice about advertising material across a range of media, including TV, print, radio and the internet. They also advertise at the point of sale, on billboards and using direct mail promotional campaigns. The industry excludes public relations agencies, media sales representatives and market researchers.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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