"This report clearly shows that budgets are being focused at the points where consumers, commerce, and video converge-where advertisers can leverage the power of sight, sound, and motion and consumers can engage or transact," David Cohen, CEO, IAB, said in a statement. "Advertisers are starting the year looking for growth and investing in channels that drive the most meaningful business results."
IAB research shows an anticipated growth of 7.3%, even sans those cyclical events. Meanwhile, retail media is projected to grow at more than twice the rate of spend overall (+15.6%). The report notes that CTV and social also expect to see double-digit growth with an increase of 13.8% and 11.9%, respectively.
According to the findings, customer acquisition is still a main priority and is expected to increase 12% year over year as buyers look for revenue growth to offset shrinking margins from inflation.
The IAB study shows that buyers aren't being deterred by ongoing obstacles, including fragmentation. Despite inflation, fragmentation, and measurement challenges, buyers are pursuing growth.
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