Latin America Ad Spending 2023

Search, Video, and Retail Media Will Fuel Growth as Macroeconomic Conditions Worsen

Report Snapshot

Digital ad spending in Latin America will decelerate in 2023 after two years of record-breaking spend. Ongoing uncertainty—including a slowdown in economic growth and persistently high inflation—will add downward pressure on ad budgets this year. Despite this, the region will remain one of the world’s fastest-growing digital ad markets with double-digit gains through 2027.

Key Question: After two years of rapid acceleration, how will total media, digital, and mobile ad spending fare in Latin America this year?

KEY STAT: Five of the six Latin American countries we track will dominate this year’s top 10 in digital ad spending growth. Inflation will fuel Argentina’s growth figures, but gains elsewhere will be genuine.

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Table of Contents

  1. Report Snapshot
  2. Five countries in Latin America will make the top 10 list for fastest digital ad spending growth worldwide.
  3. Latin America’s persistently high inflation will mask real growth in digital ad spending.
  4. Digital’s takeover of traditional media marches on in Latin America.
  1. Some traditional formats will endure despite digital’s lead.
  2. Display will receive the lion’s share of digital ad spending.
  3. Video advertising is a force to be reckoned with in Latin America.
  4. Retail media is taking the digital advertising world by storm.
  1. What does this forecast mean for marketers in Latin America?
  2. Sources
  3. Media Gallery

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Matteo Ceurvels


Oscar Bruce Jr.
Senior Forecasting Analyst
Iwona Drapala
Senior Forecasting Analyst
Bill Fisher
Principal Analyst, UK
Paola Flores-Marquez
Researcher, Latin America & Spain
Jennifer Merritt
Vice President, Content

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