UK ad exports for last year jumped 15%, reaching £18bn in 2023 – four times higher than the figure a decade ago.
Analysis by UK advertising think tank Credos for the UK Advertising Exports Group (UKAEG), found that the UK is the second biggest global exporter of advertising, market research and public opinion polling services.
It is closing the gap on the number one exporter: the US, from £3.7bn ($4.7bn) to £2.3bn($3bn), with Credos also revealing that the UK exports more advertising than it does engineering, telecommunications, legal, accounting, audiovisual or architectural services based on the latest data from the Office for National Statistics (ONS).
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The US remains the largest market for UK advertising services importing over £3.4bn worth of services, whilst this is followed by Germany (£1.2bn) and France (£1bn). In total, exports going to Europe account for 63% or £11.4bn of UK advertising exports.
In its recent ‘This Year Next Year’ report, Group M upped its prediction for the UK advertising sector from 4.6% growth to 4.9% growth.
Meanwhile, PwC cites the UK’s creativity, talent and reputation, as well as its ability to transcend time zone differences with the US and Asia as top reasons for its appeal.
“The UK advertising industry’s talent for effectiveness and innovation is a global success story, transforming businesses around the world,” said UKAEG chair and VCCP group CEO Julian Douglas.
Advertising Association CEO Stephen Woodford said: “The UK has a world-leading reputation for advertising creativity, strategy and effectiveness and is the second largest exporter of advertising services globally, showing continued strong growth in 2023.”
“Our UKAEG industry alliance goes from strength to strength and we look forward to working in partnership with the industry and the next UK government, to support a second decade of higher growth,” he continued.
