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Introduction

In: The Economics of Advertising

Author

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  • W. Duncan Reekie

Abstract

In 1977 advertising expenditure in Great Britain and Northern Ireland totalled nearly £1500 million in current pounds. This figure is nearly ten times as high as it was in the early 1950s. Such comparisons are meaningless, however. ‘Current’ pounds are ‘rubber rulers’ in times of inflation and, as Table 1.1 shows, the multiple is nowhere near as great when the data are expressed in pounds of constant purchasing power. Between 1967 and 1977, real expenditure on advertising only increased by approximately one third. Moreover, except for the early 1950s when two factors reduced the real volume of advertising (namely the postwar newsprint shortage and the absence of commercial TV, which had yet to appear) it has remained as a fairly consistent proportion of both consumers’ expenditure and gross national product, at about 1.8 per cent and 1.3 per cent respectively.

Suggested Citation

  • W. Duncan Reekie, 1981. "Introduction," Palgrave Macmillan Books, in: The Economics of Advertising, chapter 1, pages 1-14, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-04877-9_1
    DOI: 10.1007/978-1-349-04877-9_1
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