On Thursday, we welcomed our Front Foot members to an exclusive breakfast event hosted at the News UK building.
The event covered the latest AA/WARC Full Year Expenditure Report, looking at 2022’s adspend across the industry. Chaired by our CEO, Stephen Woodford, the morning began with an introductory message setting the scene and welcoming our Front Foot membership to the event before WARC’s James McDonald presented the full AA/WARC Expenditure Report to the audience.
James stated that the Advertising Association / WARC Expenditure Report shows the UK’s ad market grew 8.8% to £34.8bn in 2022, despite a dip in the final quarter of the year. Revised forecasts suggest minimal growth (+0.5%) in 2023, with spend expected to reach £35.0bn, before a 3.9% rise in 2024 to a total of £36.3bn representing more of a reasonable growth rate. The revisions follow confirmation that UK advertising spend fell by 5.8% to a total of £8.6bn between October and December 2022, the first time spend had decreased during a fourth quarter since 2009.
The session promptly moved onto a panel discussion chaired by Stephen and comprising of Sue Frogley, CEO, Publicis Media UK; Richard Warren, Former Director of Communications & Marketing, Lloyds Banking Group and Caroline Tredget, Commercial Director, The Times. The panel took a deep dive into all things adspend which included some brilliant insights and positive looks to the future.
It was great to see our Front Foot members in attendance and a big thank you to News UK for hosting us!
For the full figures, head to our dedicated adspend hub here.
