UK ad spend on the rise despite economic uncertainty
UK ad spend has defied uncertainty caused by the EU referendum by growing 4.2% in Q3 2016, the latest Advertising Association report has revealed.
According to data from advertising think-tank Credos and Deloitte, the advertising industry contributed a huge £120 billion to GDP in 2015, and supports over 550,000 jobs.
However, Credos' research of over 200 UK advertising companies found that 22% lost business or contracts since the Brexit vote, and 62% felt the decision had negatively affected the outlook for their businesses.
Less than a quarter (23%) of respondents saw Brexit as an opportunity for growth, with just 8% increasing investment in the UK.
“Ad spend serves not just as an established bellwether for the wider economy, but as a driver of jobs and GDP growth," said Stephen Woodford, CEO of the Advertising Association.
"So negotiating the best possible terms for UK advertising should be a priority as government engineers our exit from the EU.”