BY CHRONICLE STAFF
While advertising markets in the United States and Europe are slowing down, Latin America's is growing faster than expected. In fact, this year the region will see the world's second-highest growth rate, according to forecasts from ZenithOptimedia, a London-based ad agency.
Advertising expenditure in Latin America is expected to grow by 13.3 percent this year to $29.0 billion. By comparison the ad market in the United States is expected to grow by 3.7 percent this year and in Western Europe by 3.9 percent. Only Africa/Middle East will see higher growth.
The strong growth this year comes on the heels of a record year in 2007, when total ad spending grew by 12.8 percent to $25.6 billion.
AD AGENCIES BENEFIT
The growing ad sector is benefiting companies like UK-based WPP, France-based Havas, U.S.-based ARSgroup and US Media Consulting. WPP Group Plc, the world's second-biggest advertising company, reported a 15 percent increase in Latin America revenues in the first quarter, but did not provide specific numbers. Havas also did not release any figures, but boosted Latin America revenues by 4.5 percent to 16 million euro (US$24.7million), according to The Guardian.
ARSgroup saw a 10 percent increase in its Latin America revenues last year, largely driven by its operations in Mexico, says Gonzalo Pérez-Duarte, the company's customer service director for Latin America. Due to the strong...
Keywords: Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Venezuela