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.