As we reported last week BIA advisory services expects local advertising spending to grow in 2021. A recent article in Inside Radio detailed the specific sectors that are expected to have the largest increases. According to the article:
- Leisure and Recreation will see the largest growth (16.5%) as vaccines are distributed and life resumes. The key issue will be timing and the speed of vaccine acceptance and distribution. So look closely at ad spending on Tourism and Travel Services, Motion Picture and Video Exhibition, Airplanes, and Cruises.
- Financial and insurance advertising is expected to see an increase (10%) over 2020 levels. BIA noted that sub-verticals including Saving/Credit Institutions and Other Loan Services, Credit Cards, and Investment/Retirement Advice are all forecast to have double-digit growth in local ad spend in 2021.
- The real estate industry is expected to continue its performance. BIA is projecting growth of about 8.7%
- Over all legal services will continue to grow in 2021. However, digital is obtaining a larger share of this market.
To see the BIA analysis as reported in Inside Radio click HERE.
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