According to eMarketer, which recently updated its 2016 benchmark estimates for industry-specific digital advertising outlays, “broad trends lifted spending across all sectors.”
The reason? The uptick largely accrues to Increases in spending on video and social media, particularly for mobile advertising.
Consider the U.S. automotive industry. Its digital ad spending will total $9.13 billion in 2016, up 22.4 percent from 2015. The boost came in the last six months of the year, as automakers aimed to counteract a slowdown in sales.
“Automakers are moving more marketing dollars into display as they ramp up digital video efforts,” noted eMarketer analyst Patricia Orsini. “Another sector where TV has traditionally been a large part of ad budgets, automakers are transferring impactful video campaigns to digital.”
Orsini cited BMW’s 11-minute film, “The Escape” as an example. This branded content foray racked up millions of views on YouTube. She also noted efforts by Toyota and Ford, which both employed virtual reality to add brand excitement.
In the U.S. financial services sector, digital ad spending will total $8.77 billion in 2016, an increase of 19.5 percent from 2015.
Meanwhile, travel industry digital ad spending will total $5.96 billion in 2016, up 20.5 percent from 2015.
For more insight and projections, visit eMarketer here.