It appears that some brands are already beginning to dial back their advertising and marketing budgets in anticipation of Trump’s proposed tariff policies.
The latest forecast released by market research firm PQ Media reflects ongoing fears that Trump’s tariffs may have deleterious effects on the U.S. ad and marketing industry this year.
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| Estimated global advertising & marketing spending, 2019–2025. |
Growth in U.S. advertising and marketing expenditures is expected to fall by 4.3 percent this year, according to PQ’s “Global Advertising & Marketing Spending Forecast 2025-2029” report, accounting for 5.4 percent growth in 2025, compared to 9.7 percent growth in 2024.
To what degree Trump’s proposed tariffs will have on U.S. ad and marketing spending remains uncertain, but the report notes that U.S. ad spending was expected to turn down this year anyway, now that the 2024 election cycle is behind us.
Global ad and marketing spending growth, meanwhile, is on track to fall by 3.4 percent this year, with anticipated growth of 5.3 percent in 2025, compared to 2024’s 8.7 percent growth (or about $1.8 trillion). The forecast notes that traditional advertising and marketing revenues worldwide fell 4.1 percent in 2024 (to $841 billion) but remain on pace to rise about 0.2 percent in 2025.
The U.S. generated the highest advertising and marketing spending in 2024 and will retain its share of the global ad market this year, which accounts for almost 40 percent of the world’s advertising and marketing expenditures.
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