A recent report from WARC reveals that global advertising expenditure is set to increase by 10.5% this year, reaching $1.07 trillion. This marks the highest growth rate in six years, excluding the exceptional post-pandemic surge of 2021 (+27.9% year-on-year).
In North America, advertising spend is projected to rise by 8.6% to $348 billion. Notably, U.S. political ad spending is expected to hit $15.8 billion, with $3.6 billion allocated to social media platforms. This spending surge follows Vice President Kamala Harris’ recent elevation to the top of the Democratic presidential ticket, which has accelerated growth.
Overall, U.S. ad spend is anticipated to grow 8.9% this year (+4% excluding political spending), more than double the 1.4% growth seen in 2023, totaling $330.8 billion. Next year, a 3.6% increase is forecasted, bringing the U.S. ad market to more than $342 billion.
Globally, ad spend is expected to grow 7.2% next year and by 7% in 2026, reaching a global ad market size of $1.23 trillion.
Retail media is projected to account for 14.3% of global ad spend in 2024, amounting to $152.6 billion — double its share in 2019. It is anticipated to be the fastest-growing ad channel over the next three years.
Legacy media, including print, broadcast radio, linear TV, cinema, and out-of-home (OOH) advertising, currently accounts for 25.3% of total ad spend. This segment is projected to reach $270.5 billion this year, marking a 1.5% increase from 2023.
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