Ad spend growth across popular online platforms is a positive sign for marketers and indicates a return to stability and trust in the digital advertising space. In the first two quarters of 2023, Google, Meta, Amazon, and Walmart all experienced increased ad spend. Additionally, fashion brand Temu emerged as a major player in the Google Shopping race, competing against 82% of US advertisers, surpassing Walmart’s share. This unexpected success makes Temu a serious alternative for marketers considering ad space with Walmart.
The rise of Temu highlights the potential for new players to make a significant impact in the advertising space. As brands allocate bigger budgets for advertising, more opportunities are created for advertisers. Not only does this mean increased campaign volume, but it also provides advertisers with greater access to resources to enhance engagement, conversions, and ROI.
One of the most interesting findings in Tinuiti’s Digital Ads Benchmark Report is the growth of YouTube ad impressions by 34% YoY, paired with an 18% decrease in average CPM. Spending on YouTube ads through connected TVs experienced a substantial increase of 31% YoY, whereas desktop spending declined. Specifically, desktop YouTube spend dropped by 27% YoY in Q2 2023, with the desktop share of YouTube spending decreasing from 20% to 14% during the same period.
Another notable stat from the report is that Reels ads now account for 11% of Instagram ad impressions. Furthermore, investment in Meta properties saw a 9% YoY growth in Q2, marking it as the strongest quarter since Q1 2022. Walmart Sponsored Products also had a positive performance, with a 39% YoY increase in spend during Q2, compared to a 4% decline in ad pricing.
If you want to dive deeper into the numbers and trends of the digital advertising landscape, you can download Tinuiti’s comprehensive Digital Ads Benchmark Report.
At Bridgewell Marketing, we specialize in SEO services to help businesses optimize their online presence and drive organic traffic. If you’re looking to boost your website’s visibility and increase your search rankings, visit bridgewellmarketing.com to learn more about our SEO services.
