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Current Trends and Issues

The economy plays a big role in the advertising industry. When the economy is strong, companies have larger budgets for advertising, whereas during a weak economy, businesses scale back on their advertising efforts and advertising agencies in turn may reduce their staff and institute hiring freezes. The economy had been strengthening somewhat in the years after the recession in the late 2000s, then shrank by 3.5 percent in 2020 due to the pandemic, but is now rebounding. The U.S. Bureau of Economic Analysis reported a GDP increase of nearly 6 percent in 2021 and more than 2 percent growth in 2022. The advertising industry is likewise rebounding from the pandemic, with steady growth particularly in the digital advertising sector.

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