J. G. Navarro
Research expert covering advertising and marketing with a focus on South America
Marketing in the United States – statistics & facts
The United States is an emblematic economy for the global marketing industry. In 2023, marketing spending in the U.S. surpassed half a trillion U.S. dollars, around one-third of revenues worldwide. The annual growth of approximately five percent followed the global average. Meanwhile, expenditures accounted for a slightly larger share of U.S. companies' revenues compared to their competitors across North America and Europe. That probably reflects a more stable perception of the U.S. market as a source of new business for the ad, marketing, and public relations (PR) segments compared to the previous year. The share of surveyed executives expecting new opportunities to become scarce slightly decreased.
However, that leading position comes with complex challenges. The same study revealed that marketers thought obtaining new business became harder. Almost six out of 10 respondents in 2023 said so, compared to four a year earlier. Less than 10 percent stated that it got easier. In other words, the new opportunities may abound, but the competition for them is tougher.
In the summer of 2023, CMOs across the U.S. and Canada reported expecting to struggle with obtaining the right data to make timely and appropriate decisions, identifying temporary and permanent changes in consumer behavior, aligning with changing sentiments, and the decline in spending. Groundbreaking innovations also complicate the relationship between targets, budgets, and execution. During that same survey, CMOs selected the most challenging aspects of media transformation. Emerging technologies like artificial intelligence (AI) and augmented reality (AR) topped the ranking, surpassing other hot topics such as the fragmentation of media and cookie deprecation.
However, that leading position comes with complex challenges. The same study revealed that marketers thought obtaining new business became harder. Almost six out of 10 respondents in 2023 said so, compared to four a year earlier. Less than 10 percent stated that it got easier. In other words, the new opportunities may abound, but the competition for them is tougher.
Expectations and realities
According to a late 2023 survey, U.S. chief executive officers (CEOs) wanted marketers to primarily help them with expanding the client base and sales. Staying ahead, differentiating, and growing faster than their competition rounded up the top three, stressing the need for relevance in an increasingly cutthroat environment. Earlier that year, another study asked chief marketing officers (CMOs) which were their main challenges. Demonstrating the impact of their activities on financial outcomes ranked first, highlighting the importance of return on investment (ROI) measurability.In the summer of 2023, CMOs across the U.S. and Canada reported expecting to struggle with obtaining the right data to make timely and appropriate decisions, identifying temporary and permanent changes in consumer behavior, aligning with changing sentiments, and the decline in spending. Groundbreaking innovations also complicate the relationship between targets, budgets, and execution. During that same survey, CMOs selected the most challenging aspects of media transformation. Emerging technologies like artificial intelligence (AI) and augmented reality (AR) topped the ranking, surpassing other hot topics such as the fragmentation of media and cookie deprecation.
