In a recent update to the U.S. multicultural ad spending forecast, PQ Media reveals a positive outlook for ad budgets targeting Black, Hispanic, and Asian Americans. While overall U.S. ad spending growth has experienced years of stagnation, multicultural ad spending is set to outpace the general marketplace in the coming year.
The forecast indicates an anticipated growth of 8.4%, propelling the total spending to a record-breaking $45.83 billion in 2024. This projection follows a period of decelerating growth, with a 5.7% increase observed in 2023 compared to the robust upswing witnessed in 2022.
The key highlight is the accelerated growth within the Hispanic American segment, indicating a promising trend. However, the forecast also unveils a less optimistic scenario for ad budgets aimed at Black and Asian Americans, which are projected to maintain a minority share of multicultural ad spending.
PQ Media’s report indicates that a significant portion of the projected growth in media spend for 2024 will be driven by the Hispanic segment of the multicultural market. Currently, Hispanic media commands a substantial 68.3% share of multicultural media spend, surpassing the combined share of African-American (28.8%) and Asian-American (2.9%) demographics. Both the African-American and Asian-American segments are expected to experience accelerated growth of nearly 8% in 2024.
The report attributes the growth in Hispanic media ad spending to political ad campaigns, particularly in key states like Florida, Texas, and California, during the upcoming U.S. presidential election year. Additionally, the coverage of international soccer events leading up to FIFA’s 2026 World Cup in North America is anticipated to further boost ad spending in this segment.
Patrick Quinn, CEO and Founder of PQ Media, emphasized the positive impact of political ad spending and international events on the Hispanic media, underscoring the robust growth anticipated in the multicultural advertising landscape.