Amid the economic turbulence triggered by the COVID-19 pandemic, global ad spend is projected to hit $691.72 billion in 2020, a nearly 3% decline compared to last fall’s forecast. With public health experts warning of a second wave of coronavirus and economists predicting a slow recovery, ad spend in 2021 will also come up about 3% short of earlier predictions. Even at top global brands, a majority of marketers say they’ll be limiting ad spend for at least six months.
