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Retail media ad spending topped C$3 billion in 2024. Retail media formats are expanding as the market matures. GenAI deployments are now table stakes for retailers.

Retailers that aimed to be media giants are hitting headwinds as ad growth slows. To stay competitive, retail media networks must rethink org structure, sharpen media skills, and plan smartly to thrive in a more challenging landscape.

Click here to view our full forecast for US retail media ad spending. CTV faces the widest range of plausible outcomes. The tariffs may have only a minor impact on the CTV advertising market. CTV remains one of the fastest-growing ad channels we track.

Retail media networks (RMNs) are eyeing the open web as an opportunity for scaled growth, but successfully integrating retailer data off-platform won鈥檛 happen overnight.

No matter when or how they land, President Donald Trump鈥檚 tariffs will shake up retail and digital media.

Healthy growth will obscure the upheaval that retail media鈥檚 evolution is causing. Retailers racing to think more like publishers鈥攁nd brands trying to rethink the value of retail media鈥攁re feeling some strain.

Retail continues to lead digital ad spending in France, though its share is diminishing as other sectors gain momentum. Overall, digital ad spending is seeing strong growth, driven by an improving economy and increasing investments across industries.

Retail media鈥檚 biggest players are maxing out their owned and operated surfaces

Regulation will disrupt some digital players, while retail media and genAI adoption will create opportunities across advertising and commerce.

Mounting pressure will squeeze the long tail of retail media networks (RMNs). Even an influx of new RMNs will not chip away at the share of ad spending allocated to the top two powerhouses. Amazon and Walmart combined will gobble up more than 84% of all retail media ad spending in 2025, representing a pervasive and unyielding dominance within the channel.

Retail media networks (RMNs) are using APIs to give advertisers more control over the management, measurement, and optimization of their campaigns.

An improving UK economy means digital ad spending in all industries will see healthy growth this year. Retail will still lead total spend, but automotive will receive a boost thanks to significant investments.

Our annual Trends to Watch report for Canada highlights expected developments in the country鈥檚 media and advertising market for 2025. Next year, we anticipate a shift in media buying will favor domestic publishers and retail media channels, while large platforms will contend with the new Digital Services Tax.

Retail media will account for about 1 in 5 digital ad dollars this year. That鈥檚 about double the share it held in 2020. We expect it to surpass the one-quarter mark by 2028.