A new forecast published by Borrell Associates claims local advertising in the U.S. will grow 4.4% in 2024 to a whopping $157.1 billion.
Digital advertising is expected to grow by 6%, which trails this year’s growth of 7.1%. Non-digital advertising is forecasted to grow just under 1%, which compares to a decline of nearly 5% this year.
“I wouldn’t exactly call it a return to traditional media but there does seem to be renewed interest in it,” said Borell’s chief forecaster Corey Elliott. “That may be because local businesses are gaining more marketing experience and see the possibilities beyond simple, inexpensive digital campaigns.”
Digital video and audio advertising is expecting a 9.3% and 7.7% growth, respectively. Local broadcast television is forecasted to grow by 9%.
“It’s a slight but noticeable shift for traditional forms of print and broadcast media,” Elliott said. “It may be due to the fact local businesses have been gaining marketing expertise over the past several years, handling their own websites and social pages. Our surveys consistently show that, the more marketing expertise someone has, the more likely they are to use print, broadcast, or outdoor media.”
