The economic environment of the CEE media markets in 2024

In 2024, Central and Eastern European media markets navigated a mix of stabilization and structural challenges, shaped by inflationary pressure, uneven growth and shifting consumer behaviour. While most economies avoided deep stagnation, growth remained modest, and advertisers across the region sought efficiency and measurable returns in their media spending.

Economic performance varied widely across the region, but it generally pointed toward cautious recovery. Poland, the region’s largest economy, accelerated with 2.9% GDP growth, falling inflation and record-low unemployment. Rising wages and migrant-driven consumption boosted domestic demand, creating opportunities for advertisers. By contrast, the Czech Republic and Hungary showed weaker performance: Czech GDP growth was mild, and inflation remained above EU averages, restraining household purchasing power, while the Hungarian market barely expanded (0.6%) after years of volatility. Romania’s economy slowed to around 1.4%, due to fiscal imbalances and high energy prices weighing down competitiveness. The Ukrainian economy managed 2.9% growth despite the war, demonstrating resilience through construction, agriculture and trade, though the tragic demographic losses continued to affect labour supply and consumer demand.

Inflation trends were key to the dynamics playing out in the advertising markets. Many countries saw easing inflation compared to 2023, but it still remained elevated relative to Western Europe. This pressured consumers’ disposable income and advertisers’ budgets, leading to a stronger emphasis on performance-driven campaigns, cost optimisation and digital formats. Hungary and Romania illustrate this tension: while inflation cooled down, cautious consumer sentiment and fiscal constraints limited growth in media spending.

Media market effects reflected both resilience and structural shifts. Digital advertising grew across the region, increasingly absorbing budgets as advertisers sought accountability and flexibility. Poland and Ukraine stood out, with the latter witnessing a strong recovery of major multinational advertisers, expanding both digital and traditional channels such as TV and OOH. In the Czech Republic and Hungary, advertisers leaned toward performance marketing, prioritising digital channels while traditional media struggled. Romania and other mid-sized markets also reported a continued decline in print, contrasted by solid investment in TV, radio, and OOH.

Regional trends show that despite macroeconomic challenges, the advertising industry remained resilient. Larger economies like Poland and Ukraine demonstrated the strongest upward momentum, Poland through stable fundamentals and Ukraine through post-shock adaptation. Across CEE, digitalisation, rising media costs and cautious consumer spending reshaped advertising strategies, with growth potential most evident where consumption trends and investor confidence remain stable.