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Magna Trims 2023 Ad Spending Forecast as US Economy Weakens

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thewrap.com

Magna also still expects growth for 2023, but with consumer product companies, finance and retail all coming in below average, and a lack of cyclical events weighing down growth.One factor that will be in play is that more states are likely to legalize online gambling, with Ohio likely and the large states of Texas, California and Florida lining up as possibilities.“Finally, there’s hope that the automotive vertical may start to recover in 2023 after two years of decline in car sales and advertising activity,” the report said. “Car sales have stabilized since August, mostly due to a comparison effect (they had started to fall a year before), and, as soon as the supply-chain conditions and production capacities improve, manufacturers and car dealers will compete again to meet the pent-up demand.”.

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