The advertising industry is a diverse one, constantly changing and adapting to societal norms. Even as you begin to look at specific departments within an advertising agency, employees must always be up-to-speed with current events and trending topics. Graphic artists should be aware of design trends. Copywriters must adapt their language in an effort to communicate effectively with varying audiences. But one thing will always remain certain: as long as there are people with wants and needs, there will forever be a demand for advertising.
It’s when you look at the supply of those who are willing and able to advertise that, in today’s economy, you may run into issues. With an ever-increasing cost of tuition and fewer and fewer people enrolling in higher education, a hole has been left in the industry. There is an abundance of positions available in pretty much every major city and you’ll find that many of the people who are still working in advertising have been at it for a while. They’re typically what we refer to as “old school” and have a tendency to be set in their ways. It’s only over the past few years that a new generation of advertisers has started appearing on the scene, breathing new life into the industry. They’re just what companies are looking for to market their products or services and, because of that, they’re willing to pay top dollar to an agency who can offer a fresh outlook.
Advertising is a service that, in my opinion, is neither elastic nor inelastic. It kind of sits in its own alternative space where it’s one of the driving forces of the economy. While there is certainly a definable supply and demand for advertising, I don’t see it as one that can be measured as easily as something like… I don’t know. Let’s just say tacos. Instead, there’s a demand for tacos because of advertising.