Digital Transformation Slows Down the Global Economy
U.S. Advertising Sector Sees Highest Spending in Retail Sales
By Shubhendra Anand , 02 January, 2024
Advertising is a vital part of the retail industry as it helps grow businesses in various ways. The retail market is increasing the demand among consumers with the help of proper advertising. Therefore, digital advertising is important to enhance the e-commerce sector with online sales. A survey shows that advertising-based companies are expected to spend USD 400 billion on ads in the United States in 2023.
Based on the survey conducted on the advertising sector shows that the United States is set to increase its spending on the advertising industry to improve awareness related to goods and services in 2023. The advertising industry expects to enhance its rate of sale by increasing the expenditure on the number of ads in 2023. the advertising industry works differently from the direct seller to consumer parameters. A sector that handles advertising products and services differs from the companies responsible for their production. One online shopping app or market is accountable for advertising the products and increasing sales in online retail selling. Data from another source noted that the retail industry will be responsible for 15.2 percent of total ad spending in the United States for 2023.
The survey reports that the entertainment and media sector accounts for a 12.2 percent share of total advertising spending in the United States for 2023, followed by financial services with 0.7 percent nationwide. Retail sales top the chart with a 15.2 percent share in the United States advertising sector for the year 2023. The healthcare sector and business services account for 10.1 and 8.1 percent of advertising spending 2023.
The online advertising market is increasing the e-commerce sector in the United States as it improves the sales of products and services. In 2023, one of the surveys reports that 70 percent of the spending on the advertising sector is in online formats in the United States. Digital advertising revenue is expected to surpass USD 400 billion by the end of 2027 when the United States plays a significant role in the advertising industry's growth.
Forecast Growth In US Net Advertising Revenue
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Shubhendra Anand
Head Research
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