Kate Scott-Dawkins

GroupM and Magna release their global year-end industry growth forecasts, sharing their 2024 outlook for CTV, retail media and the advertising industry overall.

With a feared recession yet to materialize, GroupM is feeling somewhat optimistic. The holding company predicts in its midyear forecast, released on Monday, that global advertising is on track to grow 5.9% in 2023, in line with its projection from December.

For much of 2022, business leaders have been bracing for a downturn. But if a recession does hit, advertisers are unlikely to pull back on performance spend as they continue to chase consumer attention amid changing media consumption habits.