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U.S. Advertising: If a Recession Happens, How Bad Could It Be?

U.S. Advertising: If a Recession Happens, How Bad Could It Be?

This time around, we are envisioning a shallower fall in U.S. ad spend to GDP of only 9 bps if a
recession were to occur this year, which would bring overall ad growth to a decline of -1% in
2022 vs. our prior 2022 growth estimate of +10%.