Advertising agency ZenithOptimedia has halved its forecasts for TV advertising growth in the UK and has also downgraded ad spend growth across western and central and eastern Europe.
The company, which is part of Publicis Group, announced in its latest forecast that there would be no “summer of love” for commercial broadcasters and added that the downgrade was as a result of a decline in spending from retailers and FMCG companies.
In March, the firm said that it expected UK TV advertising revenue to increase by 1% but it has revised this and is now forecasting growth of 0.5%. This comes as the company also reduces its advertising forecasts for spending across western Europe, down from 2% to 1.5%, and across central and eastern Europe, down from 8% to 6.5%.
“The ad market slowed in April and May as advertisers became more cautious about the state of the global economy,” the company noted in a statement.
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