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Key stat: This year, US social network ad spending will grow at its slowest pace since we began tracking it, at just 3.4%, to reach $68.45 billion, according to our forecast.

Beyond the chart:

• US social media user growth will be just below 2% this year, roughly the same as in 2022.
• Advertisers are also pulling back due to signal loss brought on by Apple’s AppTrackingTransparency, as well as macroeconomic conditions.

Use this chart:

• Caution against overinvesting in social ads.
• Align your social media ad budget with industry trends.
• Assess your overall media mix.

More like this:

• May ad updates from Google, YouTube, Meta highlight AI, social media, and retail media opportunities
• BuzzFeed, Time, TikTok, and other publishers are getting into commerce. Here’s why advertisers should care
• After 10 straight months of ad spend declines, what’s next for the industry?
• Q2 2023 Paid Social Forecast and Trends (Insider Intelligence subscription required)

More Chart of the Day:

• 6/6 - App-y shopping
• 6/5 - In AI we trust?
• 6/2 - Commercial break-through
• 6/1 - One fad Apple
• 5/31 - AI’s reality check

Methodology: Estimates are based on the analysis of various elements related to the ad spending market, including macro-level economic conditions, historical trends of the advertising market, historical trends of each medium in relation to other media, reported revenues of major ad publishers, estimates from other research firms, data from benchmark sources, consumer media consumption trends, consumer device usage trends, and eMarketer interviews with executives at ad agencies, brands, media publishers, and other industry leaders.