The labor costs in advertising and market research in the US have shown a steady increase over the past decade, moving from 33.8 billion USD in 2013 to 46.12 billion USD in 2023. This trend captures both actual past data and forecasts. Specifically, in 2023, the labor costs stood at 46.12 billion USD. Over the last two years, the year-on-year variations were modest, with 1.71% in 2023 and 1.78% in 2022. The five-year CAGR leading up to 2023 was 1.88%, reflecting a steady, though relatively slow, growth rate.
Looking forward, the labor costs are expected to continue growing, reaching 49.77 billion USD by 2028. The forecasted five-year CAGR is 1.2%, indicating a slightly slower growth compared to the previous five years. Future trends to watch for include the impact of technological advancements and automation, which could alter labor demand and costs, as well as shifts in remote working policies and their influence on labor market dynamics.
