Three-quarters of ad executives plan to cut the remainder of their 2020 ad spending by 5% or more due specifically to the impact of the pandemic. That’s one of the findings of an annual survey of 40 ad executives representing more than $90 billion in annual ad spending, published his week by the equities research team at UBS. While the respondents indicated relative strength for maintaining their TV ad spending vs. other media, the consensus does not bode well for the 2020-21 upfront ad marketplace.
The newest forecast from eMarketer predicts television advertisers this year will spend $70.6 billion — 2.5% more than last year — which is slightly less than the earlier projections. Previous forecasts estimated the 2016 TV ad spend would rise up to 3.2%.
Spending in all media of $131.1 billion was driven by such factors as a rebounding auto sector, the mid-term elections and a strong TV and Internet ad market, according to research firm Kantar Media.