Banks will continue their investment in digital ad spending, which spiked in 2021 as firms anticipated a rapid recovery in consumer spending. Large banks are expected to spend heavily on growth, driving ad spending through 2024. If a downturn takes hold and budgets are cut, spending on tech and talent will take priority over customer acquisition.
Key Question: What’s driving banks’ digital ad spending outlook amid a bounce back and brewing recession?
KEY STAT: As the economy rebounded from the early days of the pandemic, the banking industry’s ad spending recovered—accelerating to 30.7% growth in 2021. We expect a 20.4% upswing to $13.54 billion in 2022.
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