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Our inaugural Pulse of the Consumer: Personal Care and Beauty Survey explores how US shoppers discover, research, and purchase products across channels.

This report compares our 2025 US ad spending and time spent with media forecasts. It identifies incongruities between how marketers are spending ad dollars and where consumers are spending their time.

Total time spent with media per day in the US is no longer growing meaningfully, but there will still be significant churn between devices, activities, and platforms as consumers choose how to spend their time.

The number of social network users in the US will tick up 1.7% YoY this year, while adult users will see almost 2% growth. But time spent on social networks among adult users will peak this year, meaning the battle for engagement is on.

US retail and ecommerce sales growth will take a hit in 2025 as unpredictable changes in tariff policies ripple through the economy, shaking consumer confidence.

TikTok will see healthy user growth this year in the US, even as its future remains unclear. User time spent on the app is falling YoY, but it still leads other social networks. However, it鈥檚 facing more competition from Instagram and YouTube.

CPM prices are rising YoY on every major social network in the US. But AI-driven ad products are helping advertisers see better outcomes, making it easier for them to justify the higher costs that come with more efficient targeting.

Companies are beginning to feel the sting of anti-US boycotts. Anti-US sentiment is especially visible in Canada, where consumers are directing more spending to local retailers and brands鈥攁nd making fewer visits south of the border. Still, while Canadians are using boycotts to push back against US trade policy, there are few signs elsewhere that anti-American sentiment is driving shoppers away from US brands.

Real-time payments adoption is still in its infancy in the US. But business and consumer demand are increasing, providing a growth opportunity for banks and customer-facing payment providers.

The news: Zip鈥檚 total transaction volume (TTV) spiked 30.3% YoY in fiscal 2025 (ended June 30, 2025), driven by momentum in its US business. Cash before taxes, depreciation, and amortization (EBTDA) more than doubled YoY to AUD 170.3 million ($109.38 million), a 147% increase. Total transaction value hit AUD 13.1 billion ($8.42 billion). Transaction volume was up 22.1% YoY to 93 million. Net bad debts decreased YoY to 1.5% of TTV, down from 1.7% in FY24. Our take: Zip鈥檚 year-end results reflect the spending strength of US consumers. We forecast US total retail sales to hit $7.513.38 trillion for 2025. By comparison, Zip鈥檚 native Australia is only anticipated to crack $356.49 billion in total retail sales this year.

The trend: In the wake of the US closing the de minimis loophole, several large Chinese ecommerce and logistics firms have been investing in European warehouses to offset US losses, per Bloomberg. Our take: The days of rapid growth for Chinese ecommerce companies may be over. Europe might soften the blow from US losses, but it is unlikely to replace them鈥攅specially given the weak economic outlooks in France and Germany.

The news: China reiterated that it will not sell TikTok鈥檚 algorithm to the US in accordance with Chinese laws as the September 17 sale deadline looms. The announcement comes almost immediately after the White House launched an official TikTok account in a move Chinese officials stated 鈥渃ontradicts the 鈥榥ational security threat鈥� rhetoric.鈥� Our take: With no definitive answer on TikTok鈥檚 future in the US, advertisers are in a difficult spot. Divestment risks losing access to audiences motivated to take action鈥攂ut investing too heavily risks overreliance on a channel that could face major changes.

The news: Johnson & Johnson is expanding its US manufacturing presence with a $2 billion investment in North Carolina via a partnership with Fujifilm Biotechnologies. Our take: Some US builds have been in the works for years, which means pharma is happy to make this good-faith 鈥渃oncession鈥濃�攅specially after seeing the impact the COVID-19 pandemic had on global supply chains. Even if Trump changes course on tariffs, or if the next administration has a completely different view, pharma companies won鈥檛 regret having more production capability in their biggest market.

The news: The FDA laid out a new FDA PreCheck initiative, aimed at helping pharma companies build US manufacturing plants more quickly. The takeaway: FDA PreCheck may ease manufacturing regulations and trim review time, but navigating real estate, construction, and skilled labor issues still means pharma companies are facing years-long timelines to reshore drug manufacturing. Trump has promised a year or two grace period on his proposed 250% tariffs, but that may not be long enough to get plants up and running. Pharma should look to cut deals鈥攍ike Apple鈥檚 recent tariff exemption granted by Trump after it promised to invest $100 billion in US manufacturing鈥攖o guarantee exemptions as long as projects are underway.

The news: American Express bolstered its array of hotels and resorts for Platinum members ahead of its much-anticipated Platinum refresh. The credit card company also debuted exclusive Amex experiences at the US Open Tennis Championship this week. Our take: Expanding its resort collection can help Amex cement its dominance in the premium travel card space. Its lineup at the US Open signals the power of experiential rewards, which craft a unique, memorable experience for members that extends beyond cash or material incentives鈥攁 clever way to distinguish itself from rivals like the Chase Sapphire Reserve.

The news: Revolut is exploring paths that can help it expand in the US banking industry. The company recently held talks with investment bankers about hiring them to advise on a potential bank acquisition, per Bloomberg. What it means for banks: Nationally chartered banks could see more interest from fintechs or international firms that want to follow Revolut鈥檚 path. And more licensed banks means more competitors鈥攁rmed with not only the agility and digital innovation of a fintech, but also the physical footprint of the banks they鈥檙e acquiring. To combat the threat, banks will need to double down on their biggest strengths, including longstanding reputations, customer-centricity, and the personalized products and services that customers want most, like those we highlight in our 鈥淯厂 Mobile Banking Emerging Features Benchmark 2025鈥� report.

With origins in performance advertising and a focus on efficiency, retail media is likely to remain resilient, even amid an economic upheaval exacerbated by US tariffs. However, impacts won鈥檛 be evenly felt, leaving some players better positioned to withstand headwinds.