Businesses spend up big on advertising with a digital surge lifting the sector to $53 billion

 


Australian businesses are spending up big on advertising with the industry growing at a faster rate than the US and UK and digital advertising accounting for most of that growth, according to a report from Deloitte Access Economics.

The report reveals that the Australian advertising industry was worth $53 billion to the economy in 2022, up by $13 billion, or 12 per cent, since 2014.

The growth positions the industry above the accommodation and food services industry at $47 billion and the telecommunications industry at $52 billion. It is also more than half the economic value of the retail industry at $95 billion.

Commissioned by the Advertising Council of Australia, the Australian Association of National Advertisers and the Media Federation of Australia, the report builds on an earlier report published by Deloitte Access Economics in 2016.

The 2022 advertising spend in Australia hit $17.7 billion, which was up 170 per cent from two years earlier in 2000.

“One of the key drivers of this growth has been the rise of digital advertising, which has revolutionised the industry and created new opportunities for businesses of all sizes,” says the report.

https://www.businessnewsaustralia.com/articles/businesses-spend-up-big-on-advertising-with-a-digital-surge-lifting-the-sector-to--53b.html



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