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Get marketing news you’ll actually want to read<\/h5>\n
Marketing Brew informs marketing pros of the latest on brand strategy, social media, and ad tech via our weekday newsletter, virtual events, marketing conferences, and digital guides.<\/p>\n<\/div>\n<\/div>\n
Trim the trees\u2014the holiday season is going to be extra merry for Madison Avenue, at least according to a new economic forecast.<\/p>\n
The forecast, from industry analyst and former GroupM executive Brian Wieser, found that the digital advertising economy appears to be coasting along just fine: Ad revenue, excluding political spend, is expected to grow 5.9% in 2023, nearly 1% higher than the 5% Wieser previously predicted. Looking ahead, Wieser expects digital ad spend to grow about 5.2% in 2024, instead of his previous prediction of 4.3%.<\/p>\n
Wieser\u2019s previous forecast in September predicted a return to normalcy, far from the sugar high of the last decade, when digital ad spend surged. Several months later, \u201cit feels better than normal,\u201d he told Marketing Brew.<\/p>\n
\u201cThe third quarter was up by over 8%…This is not inflation; this is just strong demand,\u201d he said.<\/p>\n
\ud83d\udcc8\ud83d\udcc8\ud83d\udcc8:<\/strong> Ad revenue on digital platforms, like Google, Meta and TikTok, grew about 14.6% in the third quarter of 2023 in Weiser\u2019s estimation, beating his previous estimate of 12.3%, and he found that ad revenue on national TV was down by 3.2% in the quarter, instead of the 6.5% decline he predicted. Commerce media platforms, which includes retail giants like Amazon and Walmart as well as platforms like Expedia and TripAdvisor, saw ad revenues grow 22.8% in Q3, Weiser found.<\/p>\nThere are a few things juicing the digital ad market, he wrote, including \u201ccross-border spending (primarily from manufacturers based in China),\u201d as well as increased spending from e-commerce companies \u201cwho are much more advertising-intense than traditional retailers and manufacturers,\u201d and e-commerce platforms, which provide more places to run ads. Wieser told Marketing Brew that he expects e-commerce retailers to spend, on average, $4 for every dollar that a traditional retailer spends on advertising.<\/p>\n
Other factors that could be helping to buoy growth include Big Tech\u2019s AI advertising tools, like Google\u2019s Performance Max and Meta\u2019s Advantage+.<\/p>\n
Despite concerns that the Israel-Hamas War could impact some spending, Wieser wrote that he doesn\u2019t \u201cbelieve the wider industry experienced noticeable deterioration from the underlying trends,\u201d as a result.<\/p>\n
Spending spree: <\/strong>Weiser\u2019s forecast bakes in how holiday spending expectations could affect digital advertising trends, and the National Retail Federation expects holiday shopping to increase 3%\u20134% this year. That\u2019s a slowdown from 2020 and 2021, but is in line with pre-pandemic averages, Retail Brew reported.<\/p>\n<\/div>\nRead the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Get marketing news you’ll actually want to read Marketing Brew informs marketing pros of the latest on brand strategy, social media, and ad tech via our weekday newsletter, virtual events, marketing conferences, and digital guides. Trim the trees\u2014the holiday season is going to be extra merry for Madison Avenue, at least according to a new […]<\/p>\n","protected":false},"author":1,"featured_media":8054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[78],"tags":[],"class_list":{"0":"post-20905","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-marketing"},"yoast_head":"\n
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