Procter & Gamble, the world’s largest advertiser, highlighted the slump in global media markets on Thursday, forecasting the “buyer’s market” in advertising would continue as car companies and banks scale back their marketing spending.

P&G said its selling, general and administrative expenses fell $800m, or 13 per cent, in the first quarter, compared with the same period last year, “reflecting the benefit of lower marketing expenses while increasing media delivery”. P&G’s global marketing budget is about $8bn.