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The US financial services industry will spend $8.37 billion on digital advertising in 2016, a 14.5% gain from 2015. As a result, this sector will be responsible for 12.2% of total US digital ad spending for the year," as explored in a new eMarketer report, “The US Financial Services Industry 2016: Digital Ad Spending Forecast and Trends.”
Ongoing increases in financial services digital ad spending will result in an 11.2% compound annual growth rate for such investment through the end of eMarketer’s forecast period, nearly on par with overall US digital ad spending’s expected CAGR of 12.0%.
Among the 10 industries measured by eMarketer, financial services will maintain its position as the third-largest by share of annual US digital ad spending, behind retail and automotive. This trend will continue through 2020.
Financial services has been one of the biggest spenders on digital advertising over the past several years, but ad investment is not growing as fast as among other industries measured by eMarketer. Other sectors, including consumer packaged goods (CPG) and healthcare and pharma, are now making up for their slower adoption of digital advertising. Overall, financial services’ anticipated 14.5% increase this year will be below the 15.4% industry average.
Duke University’s Fuqua School of Business, in a survey commissioned by the American Marketing Association (AMA) and Deloitte, revealed similar findings in terms of industry spending. It found that financial services firms expected to increase digital advertising spending by 16% in 2016, which was less than retail, CPG and technology firms.
The biggest advertising spender overall in the financial services sector in 2015 was banking and financial services firm Capital One Financial Corp., which spent $290.7 million, followed by JPMorgan Chase & Co., which spent $259.3 million, according to Kantar Media.
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