US B2B digital ad spending growth fueled by financial, retail sectors

The news: US digital B2B ad spending is projected to jump by 14.9% in 2024 to $18.3 billion, a notable recovery from last year’s 9.3% growth, according to our latest forecast.

The rise comes after slowdowns caused by macroeconomic uncertainty, inflation, and high interest rates in 2022 and 2023. This year, the financial services and retail sectors will aid growth.

• Financial services B2B ad spending is expected to rise 19.2%, reflecting a strong push toward digital transformation in banking and payment systems.
• Meanwhile, the retail sector is projected to increase B2B ad spending by 15.2%, crossing $2 billion as big players like Amazon and Walmart expand their B2B offerings.

Who’s winning: LinkedIn and Meta are set to dominate B2B social ad spending, which will account for 46.3% of digital B2B ad spending.

• LinkedIn continues to be the main platform for digital B2B ads; 90% of its ads are B2B-focused. Thanks to innovations like CTV ads that allow B2B advertisers to target decision-makers via video on streaming platforms, we expect the platform to account for 22.9% of US B2B digital ad spending this year.
• Meta has also grown and now accounts for more than a third of social B2B ad spending.
• Not to be outdone, Amazon’s B2B ad revenues this year are projected to rise 19.5% to $965 million. Amazon’s dominance is reshaping the B2B landscape, attracting advertisers and setting trends that other retailers like Walmart, are struggling to match.

Our take: B2B digital advertising helps businesses increase brand awareness, convert leads, and build lasting partnerships crucial to their firms’ success—so it’s not all that surprising that its growth is outpacing B2B nondigital spend.