The report also revealed that internet advertising will account for more than 60% of all advertising expenditure in the UK next year ( 11.1bn), just three years after passing the 50% mark. This will make the UK one of only three markets where internet advertising’s share exceeds 60%. The others are China and Sweden.

Meanwhile mobile advertising will reportedly account for 69% of internet advertising expenditure in 2017, and 42% of the whole market. 

Global advertising expenditure is forecast to grow by 4.2% to US$559bn in 2017. This level of growth is a drop from 4.8% growth in 2016. 

“Global advertising budgets are rising steadily but cautiously, and are falling slightly behind overall economic growth,” said Vittorio Bonori, Zenith’s global brand president.

“After a decade of cost-cutting since the financial crisis, we believe brands now need to focus on top-line growth. Our survey shows that brands are looking to data and technology as the main driver of business growth, closely followed by business transformation and new competitive positioning.”