From 2013 to 2023, the turnover in the advertising and market research sector in Belgium has seen notable volatility, peaking in 2016 before experiencing a significant downward trend. The turnover stood at 0.5053 billion Euros in 2023, showcasing an average yearly decline with a CAGR of -12.22% over the past five years. The year-on-year variations have been inconsistent, with notable decreases such as in 2019 (-30.12%), 2020 (-14.17%), and an ongoing downtrend into 2023 (-11.21%).
From 2024 onwards, forecasts indicate a continuous decline, reaching an estimated 0.17219 billion Euros by 2028, with an expected CAGR of -16.93% over the next five years, representing an overall reduction of 60.44% from 2023 to 2028.
Future trends to watch for include the impact of digital innovation and emerging technologies on the traditional market research landscape, the potential recovery driven by economic factors, and changes in consumer behavior that could create new opportunities for growth.
