The Australian Association of National Advertisers (AANA) today said that a report published by the World Federation of Advertisers (WFA) delivered further evidence of the significant economic value of advertising.
The WFA report, which included data from developed markets within the European Union (EU), found that in 2014 advertising contributed over €640 billion to the gross domestic product (GDP) of EU economies. The WFA commissioned the research with the support of a range of European ad industry associations (agencies, TV, digital, radio).
A similar report commissioned from Deloitte Access Economics by The Communications Council, showed that advertising benefits to the Australian economy were worth AU$40 billion in 2014, representing approximately 2.5 per cent of GDP and with 200,000 people reliant on advertising for jobs.
“While the estimate of the multiplier effects of advertising to GDP varies from market to market, because it is impacted by factors such as the structure of the individual economy and the mix of media spend, this latest study again points to the vital role advertising plays in driving local economies.
In every case, advertising makes a hugely significant contribution to GDP and stimulates innovation in products and services,” AANA CEO Sunita Gloster said.
Some of the highlights of the report include:
The WFA, of which the AANA is the Australian member, is the only global organisation representing the common interests of marketers. It brings together the biggest markets and marketers worldwide, representing roughly 90 per cent of global marketing communications spend, almost US$ 900 billion annually.
The WFA’s Economic Contribution of Advertising in Europe report can be viewed here. Explore the key findings within the ‘Advertising Pays’ report from The Communications Council and Deloitte Access Economics here.