Marketers To Boost Social Media Budget This Year- New Study
Two-thirds (65%) of marketers say they expect to increase their social media budgets this year, making it the medium that will see the largest increase in spend, according to a worldwide survey of marketing professionals by Nielsen.
Online display and online video are also expected to see wide increases in budgets in 2022, with 62% of marketers planning to spend more on both.
All 15 media tracked will see a net increase in budgets this year (more marketers plan to increase their spend than spend less) – social media sees the largest net budget increase, at +53%, while print and AM/FM radio see the smallest net budget increase, at +13%.
Social media continues to prove attractive to marketers as new platforms like TikTok grow and consumers use social to discover new brands and products.
Nielsen finds the largest increase in social media budgets is in Asia Pacific, North America and Latin America (all three regions report a 70% increase). However, Europe, Middle East and Africa lags behind on this front, with just 49% of marketers there planning to spend more.
WARC Data forecasts global advertising spend to grow by 12.5% this year, with social media up by 23.1%. E-commerce advertising is expected to be the quickest growing medium in 2022, followed by online audio.
For ‘in real life’ media that were heavily affected by the COVID-19 pandemic (outdoor and cinema), advertising spend has now recovered even though consumer activity remains subdued.