P.M. BRIEFING : Domestic Advertising Drop Seen
Domestic advertising spending is expected to total $130.4 billion this year, off slightly from initial projections in the face of weakening local advertising budgets, a prominent forecaster said today.
Robert J. Coen, who heads the forecasting unit at the advertising agency McCann-Erickson, said in his semiannual report that domestic advertising will rise 5.3% this year, down from the 6.2% gain he estimated in December.
In newspapers, ad revenue was off 1.3% in the first quarter as a 2.7% gain in retail advertising was unable to offset a 6.4% decline in classified spending.
Local TV ad spending by car dealers slumped 21% in the first quarter, while bank and department store ad expenditures were off 14% and 13% respectively.
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