US digital retail media ad spending is expected to reach over $41 billion in 2022 and over $52 billion by 2023, according to Insider Intelligence/eMarketer.
According to the graph below, digital marketing spending in 2019 was just over $13 billion, in 2020 over $20 billion, and in 2021 over $31 billion.
According to a report last month in The Wall Street Journal, advertising spending is growing much faster than expected. It cited a forecast from GroupM, which contains the media-buying agencies of ad powerhouse WPP PLC.
GroupM assessed that digital advertising will make up for 64.4% of total advertising in 2021, up from 60.5% in 2020 and 52.1% in 2019. GroupM also estimated that around 80% to 90% of digital advertising outside of China goes to Google, Facebook, and Amazon.
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon