At BIA, we are, like most of you, assessing the new year and planting our feet firmly to get ready for opportunities and challenges. And, we are discussing our thinking with all with you in the podcast series we’re doing this month called, New Year, New Insights. In each episode we focus on 2 key verticals for local advertising and share our forecast estimates and best insights on what to expect this year.
In this second episode of the series, BIA analysts Suzanne Ackley, a Senior Media Analyst at BIA, and Mark Dugan, our Director of Data Insights, and Client Relations. focus on two substantial verticals for local advertising – Restaurants and Legal.
The forecast data and insights shared on this podcast are from BIA’s 2023 U.S. Local Advertising Forecast, which provides our expectations on nationwide ad spend across all media and key business verticals. Looking nationwide, our forecast indicates a slight decline of in local advertising in 2023 ($165.7 billion) compared to 2022 ($166.5 billion).
Listen now to hear how the economy, inflation and digital trends are affecting the Restaurant and Legal verticals and what opportunities are emerging for local sellers.