From 2013 to 2023, the turnover of advertising and market research in Belgium showed fluctuating yet declining trends, standing at €4.83 billion in 2023. The annual variations and compound annual growth rates (CAGR) illustrate continued decreases, notably in 2020 due to the impact of global events, but a slight recovery in 2021, followed by minor decreases in subsequent years leading to 2023.
Notably, the CAGR between 2018 and 2023 was -1.29%, indicating a consistent but slow decline. Forecasts from 2024 predict a continued gradual decrease, with a projected CAGR of -1.06% over the next five years, resulting in an expected value of €4.52 billion in 2028. The forecasted five-year growth rate from 2024 to 2028 suggests a cumulative decline of -5.2%.
Future Trends to Watch For:
- Digital transformation and its impact on traditional advertising frameworks
- Increasing importance of data-driven market research and analytics
- Pandemic recovery and shifts in consumer behavior patterns
- Growing demand for sustainable and socially-responsible advertising
- Technological advancements such as AI and machine learning in market research
