Total worldwide advertising expenditure is expected to increase by 4.6% next year to $653.9bn, according to a forecast by the US-based ad market analyst Bob Coen, senior vice-president and director of forecasting at Universal McCann.
Coen said the rise would be on the back of above-average growth in many emerging countries, such as China, India and Russia.
Growth in these countries will increase by 5.3% to $294.4bn, Coen said in his latest 'Insider's Report'.
The US is expected to grow by 3.7% in 2008 to reach $294.4bn.
At the same time, WPP Group's global media buying arm, GroupM, revealed its own more bullish forecast for the year ahead.
The study, called 'This Year, Next Year', predicts that worldwide spending will grow by as much as 7% to $479bn in 2008 following an anticipated 6% rise this year.
The report was compiled by Adam Smith, London-based futures director at GroupM, who identified television and the internet as the primary engines of global ad growth.
Smith said television and the internet would account for 50% and 30% of additional new investment respectively in 2008.
He also said that 5% of global ad investment is expected to shift from developed to emerging economies in 2008, the largest such shift ever recorded.
The forecasts come on the heels of ZenithOptimedia's set of figures for 2008, which predicted that global expenditure would rise 6.7% next year.
ZenithOptimedia said its figures were based on a boost from the Beijing Olympics, US Presidential elections and the Euro 2008 football tournament. The report also claimed the ad market would prove to be resistant to the credit squeeze.
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