We’ve been talking about digital advertising’s “third wave” for a few years now, but the focus has been primarily on the US market, where retail media’s growth has been particularly pronounced. Our latest digital ad spending forecasts show that the retail media wave is rising in France, Germany, and the UK.

Key Question: How big is the retail media advertising opportunity in France, Germany, and the UK?

Key Stat: The UK will remain the biggest market for retail media ad spending, passing $4 billion this year, but all three countries will experience significant growth through 2027.