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Carat slashes Oz ad growth to 1%
Media agency Carat has drastically cut its media spend forecast for Australia from 2.9% it predicted in March to just 1% growth this year.
The Aegis-owned agency has also downgraded its prediction for ad spend growth in 2013 from 2.7% to 2%.
On the Australia growth downgrade, Carat said: "In Australia, ad spend forecasts have been revised down to +1.0% as the market is impacted by weak consumer confidence and spending, and uncertainty in the global markets. On the upside there are indications of a return to market growth after a tough 2011 when the total market declined 1.4% year-on-year. This is set to continue into 2013 with a forecast +2.0% growth."
Globally the agency has forecast its growth predictions down for 6% it said in March to 5%. Next year it now sees growth coming in ad 5.3% compared to 5.8% it stated earlier this year.
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