Advanced Television

Report: Social media spend set to skyrocket

April 3, 2024

Findings from the 2024 Retail Advertising Outlook Report from omnichannel advertising specialist Mediaocean reveals that paid social media spend for retail brands looks likely to skyrocket in 2024, with 72 per cent of respondents planning on increasing spend in this channel (highest). Retail ad spend will rise on a macro scale, with industry optimism reflected by planned increases in all channels, apart from TV and print.

Furthermore, ‘E-commerce everywhere’ is the priority consumer trend for retail marketers (as was the case for CPG marketers), with 59 per cent citing it as important, speaking to the impact online shopping has had on the industry. Close behind was TikTok/social video (57 per cent), and generative AI (55 per cent).

Other key findings include:

  • Retail marketers are using GenAI for analytics and market research over content generation: data analysis (34 per cent) and market research (33 per cent) led the way for GenAI use cases, having overtaken copywriting (29 per cent) and image generation (16 per cent).
  • The creative-media gap is still a big problem: 83 per cent of retail marketers said their media and creative processes were not fully synchronised. Brands are over-indexing on media at the expense of creative, despite consumers responding to customised experiences – this represents the largest growth opportunity for brands.

Categories: Advertising, AI, Articles, Broadcast, Markets, Research, Social Media

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