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Ad spend increased across Google, Meta, Amazon and Walmart during the first two quarters of 2023.
Another major advertising platform on the grow in Q2: fashion brand Temu.
The company became a major player in the Google Shopping race, so much so that it is now competing against 82% of US advertisers – to put this percentage into perspective, this is a higher share than Walmart, according to Tinuiti’s latest Digital Ads Benchmark Report.
Why we care. An increase in ad spend is fantastic news for marketers as it shows that stability and trust in the digital ad space is finally returning following the economic downturn. The more brands are willing to spend, the more opportunities that are created for advertisers – not just in terms of campaign volume, but bigger budgets will give advertisers access to more resources to improve engagement, conversions and ROI.
The business’ strong performance will also be of interest to marketers previously thinking of buying ad space with Walmart, as Temu may now be considered a serious alternative.
What has Tinuiti said? Andy Taylor, vice president of research at Tinuiti, suggested Temu’s success was unexpected:
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By the numbers. Among the most interesting stats highlighted in the 31-page report:
The report. You can download Tinuiti’s latest Digital Ads Benchmark Report to dive deeper into all the numbers and trends.