The total hours worked in advertising and market research in Spain reached 193.48 million hours in 2023. This marked a 0.17% increase year-on-year. Over the past five years, the industry saw an average annual growth rate (CAGR) of 0.11%. Reviewing the period since 2013, the sector experienced fluctuation, including a notable decline in 2013 but generally exhibited incremental growth since 2016.
Looking ahead, forecasts predict a slight, steady increase in total hours worked, growing by approximately 0.13% annually on average through 2028. The forecast for 2028 indicates a total of 195.04 million hours, suggesting continued moderate growth in the sector.
Future trends to watch for:
- The increasing impact of digital transformations in advertising.- The role of data analytics and AI in market research efficiency.- Potential industry consolidation and its effect on labor needs.- Changes in consumer behavior and their influence on market research demand.
