NEW YORK, Jan. 18, 2024 (GLOBE NEWSWIRE) — Estimated overall ad spending in U.S. will post a robust 10.4-percent growth in 2024, reaching $570 billion – fueled by $17 billion in political ad spending, and continued transformation of data-driven advertising, from connected television (CTV) to numerous digital ad channels where double-digit percentage growth is expected, according to Winterberry Group which announces today its “Outlook for Advertising, Marketing and Data 2024” research estimates. The new research also includes a recap of 2023 ad spending across online and offline media channels.
The predictions from the strategic consultancy also included a variety of business drivers and trends, from macroeconomic influences such as interest rates and unemployment, to advertising-specific concerns, among them the loss of third-party cookies as reliable household and individual identifiers for advertising, and their attempted replacement by a variety of technologies and techniques. For the 18th consecutive year, the research was announced by Bruce Biegel, senior managing partner, Winterberry Group at a Marketing Club of New York program in New York City.
“Nearly half the projected ad spend growth will be driven by the forthcoming election cycle,” Biegel said, noting that the campaign for U.S. President and Members of Congress – which likely will be divisive – may dampen the ability of brands to connect with consumers, since brands tend to steer clear of ad-financing in media channels where controversy foments. “Still, the investment in data-driven channels will flourish – where spending on data, data services and data infrastructure is predicted to top $36 billion in 2024, a 13.9-percent increase.”
“Another predominant trend is that retail media networks – with impact on display, search and social – are expanding to become ‘commerce media networks,’ where platforms with significant first-party data are leveraged to support targeted, measurable business objectives,” Biegel said.
