Sir Martin, speaking at a news conference in Seoul, said that he was sticking by his forecast of improved adspend in 2004, even if there is a war. He told Reuters: "That was always taken into account." Sir Martin's forecast is based on the boost that will be brought by the Athens Olympic Games and the US presidential elections.
Traditionally, one of the more conservative voices in the advertising industry, Sir Martin is famous for his bath- and saucer-shaped recovery models. While other industry experts have been predicting some growth for 2003, Sir Martin has long maintained that it would be 2004 before things really got back on track.
At the conference in Seoul, where he was discussing WPP's acquisition of Korea's second-largest advertising agency, LG Ad Inc, Sir Martin said: "We will have to wait until 2004 for a significant recovery."
He has said previously that he predicts growth in adspend of around 1% for 2003.
WPP took control of Korea's second-largest advertising agency LG Ad last month after acquiring a 36% stake in the agency, making it the largest shareholder. WPP had been in talks for months to buy the stake with talks first being reported last summer. LG Ad was part of the unlisted LG Group, South Korea's third-largest conglomerate, and is estimated to be worth around 拢91m.
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