The global advertising industry will notch higher growth this year than previously expected as brands are relying more heavily on search engine and social media companies such as Alphabet Inc.’s Google and Meta Platforms Inc. to reach customers during the pandemic, according to two ad industry forecasts released on Monday.
Despite a year marked by worldwide supply chain disruptions that delayed products from reaching shelves and a user privacy clampdown by Apple Inc. that many feared would disrupt mobile advertising, brands have continued to advertise online as in-store shopping has been slow to return due to the ongoing pandemic, said Jonathan Barnard, director of global intelligence at advertising firm Zenith, which published an ad expenditure forecast on Monday.
