By: Lucia Moses The Zenith Optimedia Group today joined the growing chorus of forecasters that have upped their 2002 ad spending forecasts, but still see a muted recovery.
The London-based media services agency, pointing to strong TV network sales and consumer confidence, announced it now expects U.S. ad spending in major media to decline 1.2% this year, compared with a 6.1% decline in 2001. Zenith had previously forecast a decline of 1.8%.
Despite the severity of last year's ad spending decline, Zenith argues that the losses will be restored over time and aren't permanent, as some may believe.
Another major forecaster, Robert Coen of Universal McCann, is expected to update his ad spending forecast on July 10.
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