Likewise, WPP Media forecasts worldwide ad spend in 2025 will grow 6% to $1.1 trillion, excluding U.S. political advertising, from an earlier estimate of 7.7%. Reasons for the revision include economic de-globalization and disruption to international trade.

Madison and Wall estimates U.S. ad spend, minus political advertising, will increase 6% in 2025. While this figure is up from a 3.6% growth forecast published in March, it remains lower than any of the firm’s annual predictions going back to 2020, when U.S. ad spend decreased 2.1%.

Brian Wieser, CEO of Madison and Wall, said the adjustment was due to an American economy that appeared healthy during the first quarter when considering metrics such as inflation and consumer spending.

At the same time, Wieser warned ongoing trade negotiations and economic policies could hinder future growth. His overall outlook: “somewhat pessimistic.”