In Q2 2024, the worldwide clickthrough rates (CTRs) for search were reported at 1.63%, which is significantly higher than social media's 0.66% and retail media's 0.39%. This indicates a clear dominance of search ads over other digital advertising channels in terms of user engagement and response.
Despite the introduction of AI-generated overviews in search results, there hasn't been a notable impact on CTRs. This feature complicates the ability to measure search ad impressions and return on ad spend, highlighting the challenges faced by advertisers in adapting to new technologies.
Projected growth for US search ad spend in 2024 is targeted at 11.1%, which equates to an estimated total of 124.59 billion. This growth signals a continued confidence in search advertising's effectiveness in reaching audiences and achieving marketing objectives.
Marketers can utilize the data from the Skai report to benchmark their digital advertising campaigns effectively. By comparing the performance metrics of search, social, and retail media ads, advertisers can fine-tune their strategies to align spending with their specific goals.
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