Search Ad Spending Forecast and Trends H2 2023

Retail Media Flourishes as Marketers Await Disruption From GenAI

Generative AI (genAI) will change the trajectory of search advertising—but not yet. In the meantime, retail media and social networks continue to attract consumers’ queries and marketers’ search budgets.

Key Question: How will search ad spending evolve to accommodate newer players and the coming disruption from genAI?

Key Stat: Search formats on retail media will account for over half of all new search ad dollars this year. Just 1 in 5 will go to Google.

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Table of Contents

  1. Executive Summary
  2. The search market is about to experience unprecedented disruption
  3. Search ad spending growth will accelerate in 2024
  4. Retail media will be the source of most search ad spending growth in the coming years
  1. Competition around generative search is a slow burn
  2. Google is in a more precarious position than ever as it defends its search business in court
  3. Social platforms are honing their search chops to solidify their status as Gen Z’s Google
  4. What will be top of mind for search advertisers in 2024?
  1. Sources
  2. Media Gallery

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Evelyn Mitchell-Wolf


Ross Benes
Senior Analyst
Peter Newman
Director, Forecasting
Tracy Tang
Senior Researcher
Max Willens
Senior Analyst

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