Media buying agency ZenithOptimedia recently downgraded its ad spending forecast for Western Europe to 3.7 percent this year, barely more than the inflation rate, The New York Times reported Monday.

Though still better than the 3.5 percent growth prediction in North America, the agency cut two-tenths of a percentage point from the previous forecast, which showed a spending shift as advertisers put more money online, cutting their budgets on broadcast and print advertising.

“If you're in some of the traditional media in Western Europe, you're not going to see much growth over the next year or so,”said Jonathan Barnard, head of publications at ZenithOptimedia in London, according to The New York Times.

Britain and Spain may have their advertising softened most, because their economies recessed sharply in response to housing slumps. Meanwhile, France and Italy are also experiencing softness, while Germany is holding up after a wobble early this year, analysts told The New York Times.

For many individual media companies, the combined effects of the online shift and the ad recession have already arrived. For example, Trinity Mirror last month announced its advertising dropped 12.6 percent in May and June.