According to Forrester’s Global Marketing Investment Forecast, marketing spend is expected to grow 30% by 2025 – an increase of $4.7trn (£3.5trn).
The report also found that marketing spend by public companies in 2021 was up 13% on 2020 and 2% on 2019, indicating a rebound in marketing investment as Covid restrictions have been eased.
Looking ahead, Forrester says IT software and services will contribute the most towards rising marketing spend between 2021 and 2025, up 14% to $95bn (£72bn).
However, despite these positive upward signs, Forrester also claims that the UK is expected to see the second slowest growth rate in marketing spend between 2021 and 2025, at 2.7%. The UK spent an estimated $158bn on marketing in 2021 (£120bn), the seventh highest nation behind Japan ($214bn, or £163bn), France ($195bn, or £149bn) and Germany ($193bn, or £147bn).
Only Russia lags behind at a predicted growth rate of 1.4%. The global average is 7%, while China’s and India’s marketing spend will grow the most, at 13.4% and 12.7% respectively.
The majority of global marketing investment is led by US and Chinese companies, which will drive 73% of dollar growth from 2021 to 2025. Collectively, these companies were responsible for 53% of spend in 2021, at a total of $1.9trn (£1.4trn).
The UK’s contribution towards driving global marketing spend growth will be slower than other markets, ranking tenth on the list. The UK is expected to drive 2% of global investment growth, while Germany will contribute 3%, and France 5%.