British media investment management company Group M downgraded its forecast for this year’s ad spending in the United Kingdom. The total growth of the ad spending year-over-year was lowered to 1.5 percent, compared to the original 3.6-percent prediction, AdWeek reported.
Television and print media are the worst hit, according to the new forecast. TV ad spending growth will drop to 1 percent year-over-year, versus the initial 4-percent prediction.
Even worse off are newspapers and magazines. Total newspapers will have a yearly 8.3-percent decline, compared to the merely 1.1-percent drop initially.
Magazine market will have a 7.2 percent decline year-over-year, compared to the original forecast of 0.1 percent drop, Media Guardian reported.
“2011’s UK retail sales slowdown has put a brake on advertising, at least short-term,” said Adam Smith, director of Group M.
“We always expected 2011 would be fundamentally tougher, but have had to reduce our previous forecast,” he added, the Drum reported.