Borrell Associates has been tracking U.S. advertising since 2001, providing data that encompasses every facet of local marketing expenditures, including promotions, marketing services, research, public relations, loyalty marketing and digital services.
Recently, Borrell released its 2024 forecasts revealing that U.S. local advertising will grow a healthy 4.4% in 2024 to $157.1 billion. On top of that, Borrell’s recent “Business Barometer” showed a strong uptick in local advertiser optimism about the 2023 holiday shopping season and the general economy. There was also good news for legacy media providers, such as newspapers, radio and TV, forecasting a moderation in previous years' declines.
Along with the forecast for 2024, Borrell just released the data from their survey conducted in the second quarter 0f 2023, which included advertising insights collected from over 2,000 respondents. One of the major takeaways from this August 2023 report is a major decrease in respondents who consider themselves "novices" at understanding media concepts, thus offering local media companies more knowledgeable buyers within their markets. Some respondents stated that local media companies should “take more time to listen to what the client is asking for” and “come with more creative ideas about their business.”
In this episode of "E&P Reports," we break down the data recently released by Borrell Associates in their latest survey, conducted April through June in 2023, entitled: "New Insights About Today’s Local Ad Buyers." Appearing in this vodcast is Borrell Associates' President Jim Brown, who will discuss the latest trends they have uncovered in local advertiser spending, which media types are showing the most demand and how legacy media such as newspapers, radio and TV can capture the predicted 4% increase of overall marketing dollars being invested by local businesses.
