Advertising spending will take at least two years to return to pre-Covid levels, the industry’s main trade body has warned.
Marketing chiefs will cut budgets by 15.6 per cent this year to £21.4 billion, according to research from the Advertising Association. Spending rose by 2.9 per cent year-on-year in the first quarter but plunged 39.0 per cent in the second quarter, it said.
The annual forecast is slightly less pessimistic than its prediction in April, which the trade body credited to the various support schemes put in place to stimulate the economy.
However, it warned that spending will continue to fall year-on-year until the second quarter of next year because of high unemployment levels and the prospect of a second wave of infections.
Growth will
