That’s the quote from an advertising study released yesterday.
U.S. advertising spending is predicted to grow a mere 3.1% to $290.3 billion this year, Robert J. Coen, senior VP-director of forecasting at Universal McCann, said in a media briefing Tuesday.
“The outlook for advertising this year is not very good,” Coen said in presenting Universal McCann’s Advertising and Media Outlook Mid-Year Update.
But wait….
Online advertising and search marketing have “violently” impacted established media as the appeal for marketing tactics closely tied to transactions grows.
In terms of national advertising by medium, Internet and direct mail were the biggest gainers in the first quarter, growing 16.7% and 4.5%, respectively, over the same period last year. Spending on TV, spot TV, syndicated TV, spot radio and newspapers decreased in the first quarter.
Ahhh, I see. The outlook is not good *for packaged goods approaches to advertising.* Important distinction…