WPP, a British advertising agency owning GroupM, Grey and Ogilvy, has predicted stronger advertising growth for 2023 thanks to signs from customers.
Advertising Spending Continues
Over the past six months, WPP shares have risen by more than 30 percent, despite investors fearing brands are not willing to spend on advertising as the global economy collapses.
Mark Read, Chief Executive at WPP told Reuters “There had been some fears that clients would stop spending in Q4 but actually we delivered 6.4% growth, we actually accelerated a bit. The outlook is pretty good, clients tell us they want to continue investing in marketing. In a much more complex world, and in a world where clients try to support price increases and in some way re-evaluated the value of marketing during COVID, they’re looking to spend.“.