Analyst Note
| Ali Mogharabi |We expect the economic recovery, which Morningstar forecasts to continue through 2025, will drive solid overall advertising growth in the United States. We now foresee a 12.6% increase in ad spending this year and 9.5% growth in 2022. Within this market, we project that digital advertising will grow 22.5% this year and 17.5% in 2022, continuing to take share as it provides more flexibility, does not require up-front commitments, is more quickly and easily measurable, and allows for adjustments in real time. The return of brand advertising and demand for newer digital advertising channels such as connected TVs, podcasts, and retail media will further drive strong growth in digital advertising.