Print advertising expenditure

Print advertising expenditure is estimated to total $8.8 billion in 2025, continuing its sharp multi-year decline. In the current year, ongoing shifts in consumer media consumption and persistent adoption of digital technology have driven further contraction in the print advertising market. High inflation and continued weakness in consumer and business budgets in 2025 have also led businesses to further reduce spending on traditional advertising channels. This pattern reflects a sustained lack of interest in print periodicals, while online platforms have absorbed much of advertisers' budget. Despite the broader economic recovery, print's diminished readership and persistent shifts to digital have made print less attractive for advertisers, with expenditure expected to fall 16.1% in 2025 alone.

Over the five years to 2025, print advertising expenditure has experienced an accelerated contraction, with an annualized decline of 15.0%. The period began under the impact of the COVID-19 pandemic in 2020, which saw a significant 25.8% reduction in expenditure as advertisers slashed marketing budgets amidst economic uncertainty and business closures. Ongoing pandemic effects and economic recovery in 2021 and 2022 failed to reverse this pattern, with expenditure remaining well below pre-pandemic levels despite a slower pace of decline. Businesses faced uncertainty, and consumers remained cautious in their spending. Rising inflation from 2021 onward further pressured corporate and household budgets, discouraging discretionary expenditure on both the business and consumer side. Advertisers, responding to declining print readership and rising costs, shifted increasingly to digital channels that offer more precise targeting and measurable outcomes.

Interest rates remained elevated throughout much of 2023 and 2024, suppressing investment and expansion budgets, and further discouraging spending on traditional print advertising. Additionally, the long-term erosion of newspaper and magazine subscriptions meant the pool of available advertising space shrank, as did its attractiveness to advertisers. Structural changes in media consumption, such as the nationwide migration to smartphones, streaming media, and social platforms, have permanently shifted attention away from print. This has limited any potential rebound in print ad sales, even amid periods of moderate economic growth. Only niche print publications retained some resilience, often serving older or specialized readerships.

Print advertising expenditure has continued to decline rapidly and appears unlikely to recover in the absence of significant shifts in consumer habits. Falling readership, rising costs, and the expanding reach of digital platforms have combined to reduce both the volume and value of print advertising. As of 2025, the print advertising market is a fraction of its pre-pandemic size, and macroeconomic pressures alongside digital disruption have been the dominant influences shaping its trajectory.