In most of my one-on-one meetings, I was very impressed and excited to hear about the focus on refining in-housing. In years past, it was just about rushing and taking media buying, strategy, etc. in-house. But now marketers were talking in more measured, systematic approaches. I think we’ll see better offerings from vendors with products to support in-housing.

That’s consistent with The Economist/YouGov polling in August 2020, where 30% of Hispanics acknowledged having trouble paying rent, mortgage, utilities, and other housing costs. Keeping up with rent has been tough for young Hispanic adults, and 31% of 18- to 36-year-olds in GenForward’s June 2020 polling said the pandemic “made it challenging” to pay that bill. Food costs have also been problematic.

In the long-term, agency-side layoffs are likely to accelerate the trend of in-housing among brands. Companies are already increasingly pulling their advertising in-house: Some examples include L'Oreal, which has taken a partially in-house and partially managed approach, and PepsiCo.

But ByteDance owns not just TikTok and Douyin, but Xigua, Huoshan and Toutiao, with the latter housing more news-based videos. The company also acquired US social media app Musical.ly in 2017, which was merged with TikTok.

That’s consistent with The Economist/YouGov polling in August 2020, where 30% of Hispanics acknowledged having trouble paying rent, mortgage, utilities, and other housing costs. Keeping up with rent has been tough for young Hispanic adults, and 31% of 18- to 36-year-olds in GenForward’s June 2020 polling said the pandemic “made it challenging” to pay that bill. Food costs have also been problematic.

Rapid urbanization has led to major housing shortages across Latin America as people continue to migrate from rural areas to densely populated urban centers. As local governments struggle to provide new residents with adequate housing, shanty towns have continued to grow in size on the periphery of many cities.

“If someone is buying into a housing market after it’s been climbing for the last seven years going on eight years now, that means they’re paying much more to get in,” Zillow’s Tucker said. Of course, trouble assembling a down payment reflects an underlying problem: Many millennials just don’t make enough money.

For example, the combination of housing and healthcare accounts for half of total spending by households in the lowest income quintile, while consuming little more than one-third of total expenditures by the top quintile.

Forces continue to push and pull in both directions—for example, as take rates continue to fall for commoditized services, some advertisers look to managed services (with higher fees) to support their in-housing efforts or pandemic-related planning.