Britain's proportional online ad spend the highest in the world
According to new research by Credos and Enders Analysis, Britain has one of the world's biggest online advertising expenditures - and is the very largest relative to the size of its economy.
An online ad spend as compared to GDP of 0.63% puts it at the top of the list, while a total nominal expenditure of £13.4 billion puts it third in the world, after the USA and China. Advertisers in the UK are set to spend almost two-thirds (62%) of their total ad spend online by next year.
The 'Advertising Pays' report released by the two organisations also credited the success of Britain's online economy with the drive behind the skyrocketing growth of its online advertising market. eCommerce expenditure per capita, says the report, is higher than in any other G20 market at £1,868 per person.
And with the creation of a tech sector that currently employs tens of thousands - and which has raised at least £1 billion in six years - British AdTech companies now have an employee base of nearly 20,000.
Stephen Woodford, CEO of the Advertising Association, said: “The UK is a global online advertising powerhouse with the capabilities to drive economic growth and drive societal change.
“Looking ahead, the challenge for our industry working with the Government is to find the right balance of statutory and industry regulation to encourage growth, ensure fair and healthy competition, minimise societal harm and accelerate positive societal change. With the right conditions, UK advertising can play a fundamental role in the UK’s future growth, not just within our borders but in how we do business with people worldwide.’’