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According to recent data from Magna Global, ad spend will grow powerfully in Latin America in 2014, building on impressive growth in 2013. The firm reported that Latin America closed 2013 with 9.5% growth in ad spend. And because of the World Cup and the economic growth anticipated for the region, Magna Global forecasts that ad spend will increase by nearly 13% in 2014. The 12.7% growth rate in ad spend forecast for Latin America will only be rivaled by Central and Eastern Europe, which is predicted to grow by 10.5% in ad spend this year.
Latin America’s ad spend growth is significantly higher than what’s been projected for more mature or larger markets, including North America (5.5% forecast growth for 2014), Western Europe (5.7%) and Asia Pacific (8.7%).
Here’s a look at the ad spend growth in 2013 for key Latin American markets:
- Argentina’s ad spend went up by 30% in 2013
- Brazil’s ad spend went up by 7% in 2013
- Colombia’s offline ad spend went up by nearly 13% in 2013, while its online ad spend went up by 31%
- Peru’s ad spend went up 8% in 2013
- Uruguay’s ad spend went up 2.6% in 2013
- Venezuela’s ad spend went up 19% in 2013
No data for overall ad spend is available yet for Mexico, but a report from Q4 2013 indicated that in 2012 ad spend in Mexico went up by nearly 8%. Data for Chile’s ad spend in 2013 is also unavailable.
The ad spend increase is not a surprise considering that consumers in Latin America increased their spending in a variety of areas in 2013. In addition, media consumption continues to increase in the region, allowing advertisers myriad ways to connect with Latin American shoppers.
To find out more how we can help you target Latin America’s growing consumer market with a campaign in any form of media, please contact us.