Between 2013 and 2023, the turnover of advertising and market research in Portugal showed a growth pattern interrupted by a significant dip in 2020 due to external factors. From 2013 to 2019, the industry experienced generally positive year-on-year growth rates with an overall positive CAGR up until 2019. However, the impact of the 2020 economic downturn saw a -14.8% decrease.
Rebounding in 2021 and 2022 with growth rates of 7.56% and 4.33% respectively, the industry continued to recover in 2023 with a year-on-year increase of 2.59%, reaching a value point of €1.73 billion. The five-year CAGR leading up to 2023 remained relatively flat at 0.4%, reflecting the variability experienced.
Forecast data from 2024 to 2028 show slight fluctuations with a forecasted general decline, ending with a forecasted turnover of €1.69 billion by 2028. The five-year forward CAGR is predicted to be -0.35%, representing a slow decline in growth over the period.
Future trends to watch for include the digital transformation of advertising, the increasing importance of data-driven market research, and potential economic fluctuations that could impact industry stability. Environmental and regulatory changes may also present both challenges and opportunities for growth.
