The report, shared by NM, is prepared by Magna, the intelligence unit of the IPG Mediabrands group that provides data and analysis that supports the investment strategies of agency teams and clients, which guarantee a competitive advantage in the market, according to the company.

"The Portuguese advertising market is expected to increase by around 10% in 2024 to 880 million euros, similar to the behaviour recorded in 2023 with a 10% growth", this is a "positive trend that follows the IMF forecasts, which estimate that the Portuguese economy grows by 1.7% this year, growth above the European average", states the study.

For this development, "the resilience of the labour market also stands out", since "employment continued to increase, supported by the high creation of new jobs, while the unemployment rate remained low, close to 2019 levels".

The study also points out that "this evolution, combined with the growth in real wages, has had a positive impact on the financial situation of families, with gains in real disposable income in the last three years".

Advertising

By digital advertising segments, forecasts point to "an increase in video of 20%, while 'search' is expected to grow by more than 15% and social networks by around 26%, boosting digital".

This year, "other media will also register growth of around 5%, through an increase in advertising revenue on television, around 1.4%, and on radio with a double-digit increase that will allow it to recover its traditional market share of 6%, which had fallen in 2023".

OOH ('Out-Of-Home') advertising "will continue to show its dynamism, although with lower growth rates than those recorded in the last two years, it will maintain robust growth" and investments in the press "should remain stable and represent around 2% of total advertising investment".

In this context, and looking at the different sectors of activity, the automotive, retail, telecommunications, banking, pharmaceutical industry, and travel and tourism markets "are the main drivers of growth in the advertising market".

In terms of projections for the coming years, "IPG Mediabrands predicts that the Portuguese advertising market will grow by around 7%, following GDP [gross domestic product] growth of 2.1% and inflation of around 3%".

By 2028, "market growth is expected to be essentially based on digital, which is expected to represent around half of the advertising market, with television recording the biggest drop."