Marketing budgets in the UK will hit £20bn in 2015 for the first time as online advertisement spend continues to rise.
Research from trade body the Advertising Association in conjunction with marketing firm Warc found that last years ad spends was £17.87bn which broke 2007‘s record of £17.4bn.
Television advertising, which is expected to be boosted by the World Cup, will continue to surge and will rise by as much as 7.3 per cent in 2015 while internet advertising, now worth £6.3bn, will rise 15.6 per cent in 2014.
Spend in recruitment advertising also rose 4 per cent in the fourth quarter as investment is expected to grow by more than 1 per cent this year and around 3 per cent in 2015.
“The forecast explosion in mobile advertising and digital formats points to UK advertising at the centre of a global revolution in consumer information, service and choice,” said Tim Lefroy, chief executive of the Advertising Association.
He added: “Another set of positive indicators to support the growth story – every pound spent on advertising returns six to GDP.”