Source: EMARKETER Forecast, July 2025 - July 2025
Note: digital advertising that appears on websites or apps that are primarily engaged in retail ecommerce or is bought through a retailer's media network or demand-side platform (DSP); examples of websites or apps primarily engaged in retail ecommerce include Amazon, Walmart, and eBay; examples of retail media networks include Amazon's DSP and Etsy's Offsite Ads; includes ads purchased through retail media networks that may not appear on ecommerce sites or apps
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.