This Week In Digital Advertising Data (September 29th 2023)

Let’s see what this week’s numbers say about online advertising, shall we?

  • US insurance digital ad spending is facing another year of low-single-digit growth amid a difficult economic environment. But we expect a 2024 rebound as inflation and supply chain bottlenecks ease. 11.22 billions are expected to be invested in 2024, going up to 12.35 billions on 2025. Read more on eMarketer’s report.
  • The US consumer packaged goods (CPG) industry will spend nearly $40 billion on digital advertising this year, as per another report by eMakerter. However, growth will be mediocre for the second year in a row. Among CPG subcategories, the food industry will spend the most.After two years of below-average digital ad spending growth, the CPG industry will increase spending by 12.9% in 2024, which will exceed the overall US digital ad spending pace (11.2%).
  • 47% of social media buyers and planners feel that “X” (formerly Twitter) is either “not performing” for marketers or “could be better,” a figure that’s more than three times the social media industry average (15%) across other platforms, according to survey results from The Myers Report. Moreover, while more than 37.3% share of respondents on average described the other social media platforms (Meta, Pinterest, Snapchat, TikTok, and YouTube) as “preferred partners,” only 14.1% could say the same about X.
  • US digital ad spend is expected to grow by 7.8% this year, according to a recent forecast from eMarketer, a projected growth rate that is less than half of what was predicted for last year (+17.8%).  As regards various industries, eMarketer forecasts that the Travel sector will have the fastest rate of digital ad spending growth this year, rising by 14.3%. It will be followed by Retail – the largest ad-spending industry in the US – with a projected 12.2% hike in spending. Retail had been projected to be the industry with the biggest expansion of digital ad spend last year, followed by Travel.
Related Posts