Global advertising spending in 2024 is set to grow by 4.6%, according to new data.

Dentsu’s December Global Ad Spend Forecast revealed ad spending will grow by $33 billion to $752.8 billion, thanks to digital, CTV and retail media.

According to the company, digital is estimated to continue to grow by 6.5% next year to a total of $442.6 billion, accounting for 58.8% of the overall spend. 

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CTV ad spending is expected to double year-on-year to 30.8% next year, with major video platforms launching or enhancing their ad offerings.

However, the report also stated retail media will lead to this “acceleration of investment”.

Dentsu Global Practice President of Media, Will Swayne said: “Despite the current worldwide geopolitical instabilities and economic outlook, in 2024 we can see how significant major political and sporting events are for creating positive growth in ad spend.

“But, overall spend is just one of the metrics we need to consider, so for the first time, we have conducted a deep dive analysis into market GDP and population as new alternative ad spend benchmarks for our clients.”

He added: “Audiences are receiving an increasing volume of ads, so finding new ways to drive ad effectiveness has never been more important.

“We are seeing an increased focus on planning and buying for attention, over pure reach, as more brands seek to maximise their return on investment and capitalise on the attention economy tools available to them.”