The Direct Messaging Advertising market in Latvia has been experiencing steady growth in recent years, driven by changing customer preferences and the increasing popularity of mobile messaging apps. Customer preferences have shifted towards more personalized and targeted advertising, and direct messaging platforms offer a unique opportunity for brands to engage with their customers on a one-on-one basis. With the rise of social media and messaging apps, people are spending more time on their mobile devices, creating a captive audience for advertisers. Trends in the market show that brands are leveraging direct messaging advertising to reach their target audience in a more personalized and interactive way. This allows them to deliver targeted messages and offers directly to consumers, increasing the likelihood of engagement and conversion. Additionally, direct messaging platforms often offer features such as chatbots and interactive stickers, further enhancing the user experience and driving customer engagement. Local special circumstances in Latvia also contribute to the growth of the Direct Messaging Advertising market. The country has a high smartphone penetration rate, with a large portion of the population using messaging apps on a daily basis. This provides a fertile ground for advertisers to reach a wide audience through direct messaging platforms. Furthermore, the relatively small size of the Latvian market makes it easier for brands to target their advertising efforts and achieve a higher level of precision in their campaigns. Underlying macroeconomic factors also play a role in the development of the Direct Messaging Advertising market in Latvia. The country has seen steady economic growth in recent years, which has led to an increase in consumer spending power. This, in turn, has created opportunities for businesses to invest in advertising and marketing activities, including direct messaging advertising. Additionally, the Latvian government has been supportive of the digital economy, providing incentives and support for businesses operating in the technology and advertising sectors. In conclusion, the Direct Messaging Advertising market in Latvia is developing at a steady pace, driven by changing customer preferences, the popularity of mobile messaging apps, local special circumstances, and underlying macroeconomic factors. As brands continue to seek more personalized and targeted advertising opportunities, direct messaging platforms offer a promising avenue for engagement and conversion. With the right strategies and investments, businesses can leverage this growing market to effectively reach their target audience in Latvia.
Data coverage:
The data encompasses B2B enterprises. Figures are based on Direct Messaging Advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers advertising by businesses via e-mail, SMS, direct mail, messengers, web push, telemarketing, and instant messaging.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey), as well as performance factors (e.g., user penetration, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, number of internet users, number of smartphone users, internet coverage, and number of urban households. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is reweighted for representativeness.
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