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Click here to view our full forecasts for US B2B digital ad spending and China B2B digital ad spending. Outside of the US and China, the UK is the largest B2B digital advertising market. In the major markets of Western Europe, a relatively higher share of digital ad spending comes from B2B compared with the rest of the world.

Ecommerce penetration of beauty and personal care sales is rising: 41% of category sales take place on platforms like Amazon and TikTok Shop as consumers respond to virality and convenience.

Meituan鈥攁 multiservice ecommerce platform akin to DoorDash, Uber, Expedia, and Groupon rolled into one鈥攚ill be No. 1 in ad revenue growth in 2025 as consumer appetites for deals on travel and restaurants increase. At the same time, Baidu鈥檚 ad revenues will decrease 4.9% due to traditional search鈥檚 struggle as consumers turn to digital commerce and video content.

Its unique blend of media, advertising, ecommerce tech, and logistics infrastructure will be hard for another platform to replicate. A ban would cause major upheaval among sellers and competition for TikTok shoppers. Shopping activity would be dispersed among many platforms. Meta, YouTube, and Pinterest are among the most obvious beneficiaries.

But France鈥檚 programmatic market is still biased toward nonmobile due to consumers鈥� slight preference for desktop ecommerce over mcommerce. In North America, connected TV (CTV) is carving out a slice of programmatic display ad spending.

According to a Numerator survey, only 9.4% of US consumers expect tariffs to have no impact on their shopping habits, while many plan to adjust by hunting for sales or coupons (41.4%), buying fewer imported goods (30.5%), or delaying purchases (22.3%).

Ironically, this is despite Germany being the only country in the EU trying to remove tariffs on Chinese EV imports. Tariffs could signal a trade war in the opposite direction, with China a lucrative market for Germany鈥檚 auto industry. Financial services won鈥檛 move the needle much in the coming years.

TikTok is rolling out its Shop feature to all 100 million US users (per our May forecast), using a tab on the home screen to drive users to the marketplace and allowing videos directly containing purchase links, in order to drive in-app ecommerce traffic.

The wild economic fluctuations of the pandemic era are receding. Last year reintroduced an air of relative predictability, and the forecast for 2024 and beyond shows smooth sailing. For the next two years, retail sales will grow 4% to 5%, and ecommerce more than 8%.

罢颈办罢辞办鈥檚 ecommerce efforts don鈥檛 have the momentum that some might have expected when reports about the Shopping Center first began surfacing. 罢颈办罢辞办鈥檚 usage as the starting point of product searches and research has actually declined over the past year, according to CivicScience. X: Advertisers remain dubious, even in the face of deep discounting. X is in a spot.

That hasn鈥檛 escaped 蝉丑辞辫辫别谤蝉鈥� attention, as consumer sentiment declined in January for the first time in six months, despite a fifth consecutive month of improving personal finance assessments, per the University of Michigan. The downturn affected all income, wealth, and age groups, reflecting growing concerns about inflation and unemployment risks.

In its Q1 earnings, the company said ecommerce advertisers in China were a big driver of advertising spending. While this Shops update only applies to US businesses, we鈥檇 expect Meta to make some updates to its China-based offerings. 4. Yahoo. Yahoo partnered with Pear Commerce to bring shoppable consumer packaged goods (CPG) ads to its demand-side advertising platform (DSP).

Our take: Luxury companies are girding themselves for a more difficult operating environment in 2025, as challenges in China and uncertainty in the US throw up considerable roadblocks to growth.

TikTok Shop is far from DOA, but early reports suggest its rollout hasn鈥檛 been easy. As TikTok works to build its livestreaming and in-app commerce business in the US, including by restructuring its commerce division, US merchants must decide whether the investment is worth it.

Ralph Lauren has been moving upmarket, which is attracting less cost-sensitive shoppers who are more likely to pay full price. At the same time, the company鈥檚 tiered brand structure allows shoppers who are priced out of its top-tier labels to still engage with its more affordable Polo and Lauren brands鈥攐r, at the very least, get a pick-me-up from Ralph鈥檚 Coffee.

Ecommerce platforms Temu and Shein claimed the third spot as they began raising prices in response to import costs and potential tariffs on Chinese goods. This price adjustment creates a critical strategic challenge for platforms whose primary competitive advantage has been ultra-low pricing.

How we got here: Like for competitor Mytheresa, 2024 has been a strong year for Revolve, despite the headwinds affecting other premium and luxury ecommerce businesses. Using AI in targeted marketing helped raise conversions, said co-CEO and co-founder Michael Karanikolas.