‘Cautious’ advertising spending to persist over 2024, warns Sir Martin Sorrell

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Advertising mogul Sir Martin Sorrell has warned of another difficult year for the industry, with firms reining in spending on marketing during “unpredictable times”. He said: “After four years of very strong growth, 2023 was a difficult year impacted by volatile macro conditions and, consequently, cautious spending from clients, particularly those in the technology sector and from smaller project-based assignments.” But he added: “Our client relationships remain strong and we have also managed costs tightly.” The company has led campaigns for brands including Google, Meta and BMW through its content division, Media.Monks. While it is early in the year, we are not expecting 2024 to show macro-economic improvement, and client caution on marketing spend will likely persist Sir Martin Sorrell, S4 Capital S4 Capital is expected to report a net decline in revenue of about 4% over 2023, compared with the previous year. “While it is early in the year, we are not expecting 2024 to show macro-economic improvement, and client caution on marketing spend will likely persist, although not at last year’s level given interest rates are likely to fall over time,” he said.