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The outlook for retail media ad spending remains bright throughout most of the world, even as ad budgets are increasingly constrained in the face of economic storm clouds.

Retail media ad spending in France, Germany, and the UK continues to rise, outpacing all other ad formats. The space is developing rapidly despite fragmentation and a lack of standards.

A trade war between two of the world’s largest consumer markets would cause significant disruption for consumers, retailers, and brands in Europe.