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Our take: The contrast between PDD's rise鈥攄espite a slower Q3 due to competitive pressures鈥攁nd traditional ecommerce platforms' struggles points to a broader shift in Chinese consumer behavior. Pinduoduo has been able to outperform the field on account of its ultra-low prices, which is helping it attract more users.

The French retail ecommerce market is much less mature than the UK鈥檚, but there鈥檚 more enthusiasm for online sales than in Germany. Digital advertising in the sector is largely driven by ecommerce. As a result, France鈥檚 retail ad spending growth will benefit. Travel鈥檚 turnaround will see it rise up the rankings. The sector鈥檚 digital ad spending will grow by double digits throughout our forecast.

Programmatic digital display is no exception to the ad spending downturn that has sent ripples through our forecast. As marketers scrutinize their investments, social networks are losing share of the programmatic pie while CTV and retail media drive growth.

As Latin America鈥檚 digital revolution marches on, advertisers and retailers must keep pace with how and where consumers are spending their time鈥攁nd money鈥攊f they wish to maintain a competitive edge in today鈥檚 rapidly evolving business environment.

GenAI is taking the search market by storm, but market dynamics will stay largely the same this year.

So early this year it launched an image search feature for TikTok shop. So directly linked to the products that people will be searching for, which I think was pretty smart. And then in September, so a few short months ago, it introduced the its TikTok search ads campaign. So this is a more traditional keyword based solution that allows brands to appear in platforms, search results.

Spend from current retail media network (RMN) advertisers is showing signs of cooling, forcing RMNs to look to non-endemic advertisers outside their existing ad networks for new ad dollars.

Our industry ad spending estimates are updated yearly and are based on our estimates of total US digital ad spending, which were most recently updated in Q2 2023. Industry Definitions.

鈥淎蝉 shopping capabilities expand on platforms like social media and CTV, commerce is becoming more connected to media.鈥�. This was originally featured in the Retail Media Weekly newsletter. For more marketing insights, statistics, and trends, subscribe here.

CPG advertisers in particular rely on sponsored search for discoverability on crowded digital marketplaces and retailer-specific ecommerce sites. The number of retail advertising options is increasing.

Temu and Shein鈥檚 ad bidding war drove spending away from search: CPCs spiked after the two retailers claimed in-demand search ad space.

Ad spend continues to grow faster than the GDP, fueled in no small part by connected TV (CTV), retail media, social media, and search.

Why it matters: Media companies are especially exposed to shifts in consumer behavior and ad spend鈥攁nd both are now under pressure. Ad budgets face new headwinds. As costs rise, consumer brands in retail, tech, and CPG may scale back marketing鈥攂ad news for platforms like Netflix, Disney+, and Roku, which increasingly depend on advertising. Content spending will tighten.

As Chinese ecommerce players make further inroads in Latin America, local companies are finding new ways to innovate and keep pace with consumers鈥� fast-evolving shopping habits. Several have already done so, but others will need to keep up. Mercado Libre launched its 鈥淐lips鈥� functionality this past summer to compete directly with TikTok鈥檚 ecommerce ambitions in Latin America.

Talent hunt: As brands focus on retail media network ad spending that provides better omnichannel customer targeting, tracking, and improved performance measurement and campaign attribution, retailers need to fill their skills gaps by hiring talent in ad tech, martech, and growth marketing, according to Dan Goldsmith, managing director at Three Pillars Recruiting.

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Discovery (WBD)鈥檚 new 鈥沦丑辞辫 with Max鈥� ad solution uses AI to identify items within films and TV shows and find similar products in an advertisers鈥� catalog. Viewers can navigate to those products by scanning a QR code, allowing them to shop without interrupting the viewing experience.

This first-of-its-kind report compares and contrasts our US ad spending forecast with our US time spent with media forecast. It identifies unexpected incongruities between how marketers are spending ad dollars and where consumers are spending their time.

Commerce media is becoming more competitive as retailers and non-retailers continue to build out their networks and advertisers prioritize measurement for proven results. Looking ahead to 2025, cross-industry partnerships will grow and in-store media will enable retailers to merge online behaviors with in-person shopping.

Macy鈥檚 had a mixed Q3: Sales at its luxury Bloomingdale鈥檚 and Bluemercury labels rose, but its namesake brand is struggling to attract shoppers