2, ad spend across Google, Meta and Amazon, Walmart was $$$.
Ad spending increased on Google, Meta and Amazon during the first quarters of 2023.
Fashion brand Temu is another major platform that will grow in Q2.
According to Tinuiti’s Digital Ads Benchmark Report, the company has become a major player on Google Shopping. It now competes against 82% US advertisers. To put that in perspective, it’s a larger share than Walmart.
Why do we care. Marketers are thrilled to hear that digital advertising is finally gaining stability and trust after the recession. Advertisers have more options when brands spend more. This is not only in terms of the volume of campaigns, but also because larger budgets allow them to access more resources for engagement, conversions, and ROI.
Temu’s strong performance may also interest marketers who were previously considering buying advertising space from Walmart. Temu could now be considered as a viable alternative.
What has Tinuiti stated ? Andy Taylor, vice-president of research at Tinuiti suggested that Temu’s success was unexpected.
- It’s shocking to see that a company we support, Walmart, is now outnumbered by a brand new player.
The numbers. The 31-page report includes some of the most fascinating statistics:
- The growth of YouTube ads impressions was strong, at 34% YoY. However, the average CPM dropped 18%.
- YouTube spending on connected televisions (CTVs), however, fell.
- Desktop YouTube spending fell by 27% YoY during Q2 2023. Desktop share of YouTube expenditure dropped from 20% to 14%.
- Reels ads account for 11% Instagram impressions.
- In Q2, advertisers increased their investment in Meta-properties by 9% compared to the previous year, which is the highest quarter since Q1 of 2022.
- Walmart Sponsored Products spending rose 39% in Q2 compared to Q1 as ad prices declined only 4%.
This report. Download Tinuiti’s latest Digital Ads Benchmark Report for a deeper dive into the numbers and trends.
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