“The French advertising market is continuing its recovery that began a year ago. Despite a macroeconomic context marked by high inflation, it should return to levels very close to those of pre-crisis on all the media at the end of 2022”
, rejoices Xavier Guillon, general manager of France Pub.
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In the first half, net advertising revenue from traditional media, i.e. radio, television, press, cinema and billboards, amounted to 3.2 billion euros, up 9 .2% over one year but still down (-4.5%) compared to 2019, reveals the Unified Barometer of the advertising market (Bump) published this Thursday, September 15.
The food sector, whose margins are particularly affected by soaring prices, is cutting communication expenditure.
Like the giant Nestlé, whose advertising pressure has been reduced by 17% in France.
Entangled in the semiconductor crisis, the automotive sector, which is still struggling to build new cars for lack of equipment, also continues to reduce its investments over one year.
Digital advertising drives growth
In detail, radio is slightly above its 2021 level (+1.7%), but still remains below 2019 (-1.1%), with 261 million euros in advertising revenue.
Television, at 1.7 billion, increased by 3.3% over one year, even exceeding its pre-crisis levels (+0.7%).
For its part, the press posted growth of 5.2% over one year, to 666 million euros.
Only the titles of the national daily press are attracting more investment than before the pandemic.
Billboard, strongly affected by the multiple confinements, recorded a rebound of 38.9% over one year, to 552 million euros.
For its part, the cinema, which is struggling to bring the French back to theaters, remains a long way (- 36.2%) from its pre-crisis levels, with 29 million euros in advertising revenue.
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Overall, advertisers are still spending more money (360 million in the first half) on the online universe of TV, press, radio, and display (DOOH) media.
Digital advertising continues to drive market growth in France, with more than 3.8 billion euros invested in search, social and display (more than 20% growth over one year).
Territories that are largely dominated by the American giants Google, Facebook and Amazon.
Optimistic forecasts for 2022
Over the next few months, the market will remain dependent on the macroeconomic context, marked by geopolitical uncertainty, the rise in interest rates to counter inflation and the decline in French purchasing power.
Inflation reached 5.9% in August, driven by energy costs and food prices, according to the latest INSEE forecasts.
Despite this gloomy picture, the advertising sector remains confident.
He expects sustained consumption from the upper middle classes, less strangled by rising prices.
“We expect that the savings, accumulated by these households since the arrival of the pandemic, will continue to be spent on culture, leisure, travel, tourism…”
, explains Xavier Guillon.
Assuming tricolor GDP growth of 2.5% in 2022 (in line with the forecasts provided by INSEE), the five traditional media should almost erase the losses from the pandemic.
The market expects 8.3 billion euros in revenue (+ 4.8% over one year), down slightly (- 2.5%) compared to 2019.