Posted AT 6:48 AM EST on 07/10/08
Key advertising report downgrades global forecasts
LONDON — A leading international media buyer slashed its global advertising spend forecasts for 2008 and 2009 on Tuesday, in a sign that the financial crisis has hit marketing budgets.
Media planning and buying firm ZenithOptimedia said spending on global advertising was expected to grow 4.3 per cent in 2008, down from its recent forecast in June of 6.6 per cent.
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