'UK adspend rose 6.9% year-on-year in 2019 to reach £25.36bn, according to the latest Advertising Association/Warc expenditure report - both a new record and the tenth consecutive year of ad market growth.
However, as a result of the impact Covid-19 is now having on the wider industry, projections for 2020 and 2021 have been dramatically downgraded.
Overall the ad market had been forecast to grow 5.2% in 2020, reaching a total expenditure of £26bn. This has been revised to a -16.7% decline to £21.13bn, a loss of £4.23bn.'
