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Retail media ad spending to reach $51 Billion and drive growth in digital advertising, reports LiveIntent

According to a new report by LiveIntent, retail media ad spending is projected to grow over 25% this year, reaching $51 billion, and is expected to represent nearly 20% of total digital ad investments by 2024. The report surveyed over 200 marketing professionals, revealing that 84% anticipate increased adoption of retail media networks (RMN) within the next 12 months. A majority (90%) believe that RMNs will continue to grow, with 88% seeing them as an effective means of reaching customers. Over 40% expressed interest in considering RMNs, while 73% of advertisers plan to invest more in RMNs. Advertisers found retail media advertising to be more successful than other digital strategies (63%), and they reported improved customer engagement (54%). Industry leaders such as Target, Walmart, and Kroger recognise the potential of retail media networks as a vital component of their businesses.

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