ArticlesPricing

Products

See All Solutions →
By ProductEMARKETER PRO+Analyst Access Program
By Use CaseDetermine Market SizingDevelop StrategiesAllocate BudgetBenchmark PerformanceWin New BusinessDevelop Go-to-Market StrategyStay InformedThought LeadershipSee All Use Cases →
Advertising & Sponsorship
Boost your brand and generate demand with media programs.
Learn More →

Events & Resources

Learning Center
Read through guides, explore resource hubs, and sample our coverage.
Learn More →
Events
Register for an upcoming webinar and track which industry events our analysts attend.
Learn More →
Podcasts
Listen to our podcast, Behind the Numbers for the latest news and insights.
Learn More →

Topics

See All Topics →
Advertising & MarketingSocial MediaContent MarketingEmail MarketingVideoBrowse All →
Ecommerce & RetailEcommerce SalesMcommerceRetail SalesSocial CommerceBrowse All →
Financial ServicesBankingPaymentsFintechWealth ManagementBrowse All →
GeographiesAsia-PacificCentral & Eastern EuropeLatin AmericaMiddle East & AfricaNorth AmericaWestern Europe
HealthValue-Based CareDigital TherapeuticsTelehealthOnline PharmacyBrowse All →
TechnologyConnected Devices5GArtificial Intelligence (AI)Browse All →
More IndustriesReal EstateCustomer ExperienceB2BTravelSmall Business (SMB)Browse All →

Latest Articles

Explore our Research →

The big answers: EMARKETER Daily quiz

Article |
 Jul 31, 2025

Competitive conquesting gains ground among RMNs

Article |
 Jul 31, 2025

Parents prioritize value, convenience during back-to-school shopping

Article |
 Jul 31, 2025

CVS’ Q2 earnings please investors as competitors falter

Article |
 Jul 31, 2025

Consumers unwilling to pay for AI features

Article |
 Jul 30, 2025

Loyalty on the line: How price increases are reshaping consumer choice

Article |
 Jul 30, 2025

Revolut could soon become a full-service US bank

Article |
 Jul 30, 2025

Q2 consumer spending picks up slightly from Q1 but is well short of last year’s growth

Article |
 Jul 30, 2025

Younger generations concerned most with cost of living

Article |
 Jul 29, 2025

Brands prioritizing engagement, loyalty in influencer marketing

Article |
 Jul 29, 2025
Browse All →

About

Our Story
Learn more about our mission and how EMARKETER came to be.
Learn More →
Our Clients
Key decision-makers share why they find EMARKETER so critical.
Learn More →
Our People
Take a look into our corporate culture and view our open roles.
Join the Team →
Our Methodology
Rigorous proprietary data vetting strips biases and produces superior insights.
Learn More →
Newsroom
See our latest press releases, news articles or download our press kit.
Learn More →
Contact Us
Speak to a member of our team to learn more about EMARKETER.
Contact Us →
EMARKETER

Retail Media Ad Spending Forecast H1 2023

As Retailers Race to Innovate, Ad Buyers Scramble to Keep Up

Report by Max Willens  |  Apr 6, 2023
Download
Report
The One-Pager
Deck
Share
Table of Contents
Executive Summary
Despite economic headwinds, digital advertising’s third wave is nowhere near cresting.
Steady retail ecommerce growth is providing a tailwind.
Amazon provides most of the oxygen.
The number of retailers getting in on the fun is growing—as is the number of RMNs brands use.
Retail media is dominated by on-site advertisements—for now.
CTV is less critical to retail media’s near-term future than presumed.
Advertisers’ sense of retail media’s place in the funnel is shifting.
Our forecast changes reflect a channel evolving too fast—for both its buyers and its sellers.
What this forecast means for you.
Insider Intelligence Interviews
Sources
Media Gallery
About This Report
Healthy growth will obscure the upheaval that retail media’s evolution is causing. Retailers racing to think more like publishers—and brands trying to rethink the value of retail media—are feeling some strain.
Topics
Retail Media
Search Ad Spending
United States
Table of Contents
Executive Summary
Despite economic headwinds, digital advertising’s third wave is nowhere near cresting.
Steady retail ecommerce growth is providing a tailwind.
Amazon provides most of the oxygen.
The number of retailers getting in on the fun is growing—as is the number of RMNs brands use.
Retail media is dominated by on-site advertisements—for now.
CTV is less critical to retail media’s near-term future than presumed.
Advertisers’ sense of retail media’s place in the funnel is shifting.
Our forecast changes reflect a channel evolving too fast—for both its buyers and its sellers.
What this forecast means for you.
Insider Intelligence Interviews
Sources
Media Gallery

Executive Summary

Retail media should become one of digital media’s most important channels. But neither the buy nor sell sides have fully addressed the issues keeping the channel from maximizing its growth, including organizational challenges and measurement inconsistency.

Key Question: What is driving and hindering the growth of retail media ad spending?

KEY STAT: We expect advertisers to pour more than $45 billion into retail media ad spending in 2023.

Here’s what’s in the full report

3files

Exportable files for easy reading, analysis and sharing.

4charts

Reliable data in simple displays for presentations and quick decision making.

4expert perspectives

Insights from industry and company leaders.

    Table of Contents

    1. Executive Summary
    2. Despite economic headwinds, digital advertising’s third wave is nowhere near cresting.
    3. Steady retail ecommerce growth is providing a tailwind.
    4. Amazon provides most of the oxygen.
    5. The number of retailers getting in on the fun is growing—as is the number of RMNs brands use.
    1. Retail media is dominated by on-site advertisements—for now.
    2. CTV is less critical to retail media’s near-term future than presumed.
    3. Advertisers’ sense of retail media’s place in the funnel is shifting.
    4. Our forecast changes reflect a channel evolving too fast—for both its buyers and its sellers.
    5. What this forecast means for you.
    1. Insider Intelligence Interviews
    2. Sources
    3. Media Gallery

    Charts in This Report

    US Amazon Retail Media Ad Revenues, 2021-2025 (billions)Number of Retail Media Networks Used by US Marketers, Summer 2022 (% of respondents)
    Metrics Used by Brands Worldwide to Evaluate Investment in Retail Media Networks, Sep 2022 (% of respondents)How Has Our US Retail Media Ad Spending Forecast Changed? (billions, 2020-2024)

    Interviewed for This Report

    Megan Cameron
    Merkle
    Vice President, Monetization Strategy
    Interviewed March 17, 2023
    Janine Flaccavento
    Merkle
    Executive Vice President, Vertical Lead
    Interviewed March 17, 2023
    Michael Greene
    Criteo
    Senior Vice President, Vertical Strategy
    Interviewed March 3, 2023
    Jaclyn Nix
    CitrusAd
    Executive Vice President, Ad Sales
    Interviewed March 13, 2023
    Download
    Report
    The One-Pager
    Deck
    Share
    Table of Contents
    Executive Summary
    Despite economic headwinds, digital advertising’s third wave is nowhere near cresting.
    Steady retail ecommerce growth is providing a tailwind.
    Amazon provides most of the oxygen.
    The number of retailers getting in on the fun is growing—as is the number of RMNs brands use.
    Retail media is dominated by on-site advertisements—for now.
    CTV is less critical to retail media’s near-term future than presumed.
    Advertisers’ sense of retail media’s place in the funnel is shifting.
    Our forecast changes reflect a channel evolving too fast—for both its buyers and its sellers.
    What this forecast means for you.
    Insider Intelligence Interviews
    Sources
    Media Gallery
    About This Report
    Healthy growth will obscure the upheaval that retail media’s evolution is causing. Retailers racing to think more like publishers—and brands trying to rethink the value of retail media—are feeling some strain.
    Topics
    Retail Media
    Search Ad Spending
    United States
    Table of Contents
    Executive Summary
    Despite economic headwinds, digital advertising’s third wave is nowhere near cresting.
    Steady retail ecommerce growth is providing a tailwind.
    Amazon provides most of the oxygen.
    The number of retailers getting in on the fun is growing—as is the number of RMNs brands use.
    Retail media is dominated by on-site advertisements—for now.
    CTV is less critical to retail media’s near-term future than presumed.
    Advertisers’ sense of retail media’s place in the funnel is shifting.
    Our forecast changes reflect a channel evolving too fast—for both its buyers and its sellers.
    What this forecast means for you.
    Insider Intelligence Interviews
    Sources
    Media Gallery

    authors

    Max Willens

    Contributors

    Evelyn Mitchell-Wolf
    Senior Analyst, Digital Advertising & Media
    Peter Newman
    Senior Forecasting Analyst
    Paul Verna
    Principal Analyst
    Already have a subscription?Sign In

    Access All Charts and Data

    Gain access to reliable data presented in clear and intelligible displays for quick understanding and decision making on the most important topics related to your industry

    Become a Client
    Unlock Unlimited Insights with PRO+
    Schedule a Demo