Source: EMARKETER Forecast, July 2025 - July 2025
Note: paid advertising only; includes advertising that appears on desktop and laptop computers as well as mobile phones, tablets, and other internet-connected devices, and includes all the various formats of advertising on those platforms; excludes payments to influencers or other creators to produce sponsored content; includes creator content amplified as paid media
Additional Note: The “moderate tariffs” scenario assumes that US growth slows, but the downturn is limited due to selective or temporary relief brought by trade negotiations. The “heavy tariffs” scenario assumes that persistent broad US tariffs spark a global recession, leading to inflation, retaliation from other countries, and weakened business and consumer sentiment.