The production of advertising and market research in Spain has demonstrated consistent growth with some fluctuations over the past decade. Notably, the value stood at 14.16 billion euros in 2023. Starting from 9.33 billion euros in 2013, the sector marked solid gains except for a significant dip in 2020 attributed to the pandemic. The year-on-year variations ranged from a striking -15.21% in 2020 to a robust 22.97% rebound in 2021. Additionally, the compound annual growth rate (CAGR) for the last five years settling in 2023 is 1.54%, signaling moderate steady growth despite occasional setbacks.
Forecasted to reach 15.55 billion euros by 2028, the sector is expected to grow with a forecasted 5-year CAGR of 1.47%, amounting to a total growth rate of 7.56% from 2024 to 2028. This future projection underscores a period of stable, albeit modest, expansion.
Future trends to watch for include the integration of advanced data analytics and AI in market research, the potential impact of privacy regulations on data collection, and the shift towards digital and social media advertising. Sustainability initiatives may also become critical, influencing the types of campaigns and market research methodologies adopted by firms in this sector.
