Industry Analysis & Industry Trends
Graphic designers depend on advertisers for their income. Design firms and freelance designers have benefited from the increasing willingness of advertising firms and the internal marketing departments of companies to outsource visual design work to external experts. This trend has driven strong revenue growth over the past decade. However, as with other sectors of the economy, industry revenue growth was interrupted by the global financial crisis.
In 2008-09 and 2009-10, the Specialised Design Services industry followed the Advertising Agencies industry into decline, as companies brought their marketing work in-house and cut or delayed advertising expenditure. The industry continues its climb from a bottomed-out market, with revenue expected to grow by 3.2%... purchase to read more
Industry Report - Industry Analysis Chapter
Revenue growth for the Specialised Design Services industry mimics trends in advertising volumes. The industry's performance is influenced by trends in promotional activities, corporate and product imaging, websites and internet-based activities. The industry was not spared by the global financial crisis, with a slump in advertising adversely affecting graphic designers. As corporations struggled to stay afloat, marketing spending was severely slashed, resulting in a contraction in industry revenue in 2008-09 and 2009-10. Profit margins were also hit and fell to 1.2% of revenue in 2009-10. However, they have since recovered.
Due to persistent weakness in the global economy, the design economy will continue to tread cautiously in 2013-14... purchase to read more