Global advertising spend is on the increase, with a 4.4% year-on-year growth for 2016, that’s according to Carat, part of the global, Dentsu Aegis Network.

It has released figures this morning showing that worldwide ad spend will reach $548.2bn this year, helped by the Olympics, Paralympics and Euros.

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The UK has the largest advertising market in Western Europe and despite the EU referendum, it shows growth of +5.4%, that exceeds the average rate of +2.9% elsewhere in the region.

This growth has primarily been driven by digital, which accounts for 53.6% share of spend this year. This is expected to increase by 11.5% in 2017, this will be driven by the high demand of mobile, online video and social media.

Globally, television continues to hold the highest share of total media spend (41.1%), but this is expected to grow as a slower rate next year (2.3%), with a lower predicted share of spend.

Print advertising spend is the only area showing a decline. It’s down -5.5% in 2016 and expected to fall by -4.3% in 2017.

UK_Digital_2017_Year_on_Year_growth drivers_CaratAdSpend_Sept 2016“Expanding over three times faster than the global rate, Digital reaffirms itself as the unrivalled driver of growth. As the digital economy brings complexity, speed of change and disruption, it is only through Digital that brands can build engagement and remain relevant to their audiences on a fully addressable and real-time basis,” explained  Jerry Buhlmann, CEO of Dentsu Aegis Network.

“In a world where connectivity and convergence are now the norm, Mobile, Social and Online Video lead the rapid growth of Digital investments. With more flexible, targeted and data-led media solutions, Mobile, Social and Video are driving the demand for richer and more powerful consumer engagements, in the right place, at the right time.”

Dentsu Aegis has offices in Leeds and Manchester.