Borrell Predicts $157B Growth in U.S. Local Advertising by 2024

U.S. Local Advertising Expected to Grow 4.4% by 2024, According to Borrell Associates

According to data released by Borrell Associates on Friday, U.S. local advertising is projected to grow by 4.4%, reaching $157.1 billion by 2024. This forecast suggests a positive outlook for the local advertising industry in the coming years.

The report also estimated the growth of all U.S. media digital advertising formats by 6.0% in 2024. However, this growth rate is slightly lower than the projected 7.1% for 2023. Despite the minor decrease in growth rate, the digital advertising industry is still expected to see a steady rise in the next few years.

Within the digital advertising landscape, paid-search listings are expected to experience an 8% increase. This indicates the continued importance of search engine marketing and the potential for businesses to leverage paid-search listings to reach their target audience effectively.

The growth of local advertising is likely attributed to several factors. Firstly, the increasing reliance on digital platforms and technologies has made it easier for businesses to connect with their local customers. With the rise of social media, online directories, and other digital channels, businesses can now target their local audience more precisely, leading to increased advertising investments.

Furthermore, the COVID-19 pandemic has accelerated the shift towards online shopping and digital services. As more consumers became accustomed to online shopping during lockdowns and social distancing measures, businesses recognized the need to increase their online presence and reach local customers through targeted advertising strategies.

The forecasted growth in local advertising presents opportunities for businesses to expand their reach and engage with their local communities effectively. By leveraging digital advertising platforms and optimizing their strategies for local targeting, businesses can establish a strong online presence and drive customer acquisition.

In conclusion, the projected 4.4% growth in U.S. local advertising by 2024 indicates a positive outlook for the industry. As businesses continue to invest in digital advertising and capitalize on the growing popularity of online platforms, they can expect to see increased visibility and engagement with their local customers.

Original Story at www.mediapost.com – 2023-09-15 02:06:42