The value added of advertising and market research in Spain experienced significant growth from €3.83 billion in 2013 to €6.64 billion in 2023. However, there were notable fluctuations: a substantial dip in 2020 by 24.48% attributed to the COVID-19 pandemic, followed by strong recoveries in subsequent years. In 2023, the sector stood at €6.64 billion, marking an 8.8% year-on-year increase over 2022. Over the last five years, the sector achieved a CAGR of 1.62%, while the next five years are forecasted to see a growth rate of 12.56%, with a 2.39% CAGR.
Future trends to watch for include:
- Increased digital transformation and investment in digital advertising
- Enhanced use of data analytics and market intelligence tools
- Growing importance of social media platforms in advertising strategies
- Continued recovery and stabilization post-COVID-19 disruptions
