The output of Advertising and Market Research in Spain has shown a substantial overall growth from 2013 to 2023, reaching 15.83 Billion Euros in 2023. Over the last two years, the sector experienced significant yearly growth rates of 9.65% in 2022 and 10.36% in 2023, reflecting a robust post-pandemic recovery. The last 5-year compound annual growth rate (CAGR) stands at 4.22%, indicating sustained upward momentum despite the downturn in 2020.
For the future, the forecast indicates continued growth, with the sector expected to reach 20.31 Billion Euros by 2028. The forecasted 5-year CAGR is 3.93%, and the forecasted total growth rate over the next five years is 21.26%.
Trends to watch:
- Increasing digitalization influencing advertising spend.
- Emergence of new media channels and platforms.
- Heightened emphasis on data-driven market research methodologies.
