Global ad spending is now expected to rise 7.4% to reach $1.17 trillion in 2025, driven by social media and digital investments, per WARC’s updated forecast. Advertisers aren’t slashing budgets, but instead rethinking spending as economic uncertainty accelerates the shift to digital channels, performance campaigns, and newer formats like influencer marketing.

The Organization for Economic Cooperation and Development (OECD) lifted its outlook for global GDP growth this year citing tariff-related inventory frontloading, AI investments, and Beijing’s stimulus measures. But this resilience may soon fade: Global GDP growth is expected to slow to 2.9% in 2026, as tariffs and uncertainty begin to take their toll.

Gen Z’s expected holiday spend in 2025 is $1,357, down 22.5% from 2024, according to July data from PwC.

Heading into the holiday shopping season, US adults plan to spend over $900 on average on consumer tech products, but they’re concerned about tariffs and prices, per a new CNET survey. Consumers’ top four worries revolve around costs, including tariffs and pricing (52%), finding quality tech at affordable prices (48%), affording new tech (38%), and straining finances (26%). Retailers and consumer tech brands will need to prove their value to earn sales. Bundles are a good bet, and short-term free subscription offers will likely bring in shoppers that could convert to recurring subscription revenues down the road.

American Express and UPS partnered to help ease the cost of shipping for small and midsize businesses (SMBs), per a press release. Amex and UPS’ partnership can help SMBs save on shipping costs and could make UPS a more attractive logistics partner—especially as other mailing providers, such as Korea Post, Norway and Finland’s carriers, Deutsche Post, and DHL Parcel Germany plan to stop US-bound deliveries due to confusion over duty charges and required data submissions.

US ad revenues grew 10.3% in Q2, excluding political advertising, continuing a trend of steady gains in 2025 despite tariff headwinds, per Madison & Wall. Digital advertising overall grew 15.8% and represented about a 70% share of ad spending. Ad growth is maintaining momentum, but the slowdown from 2024 indicates that advertisers are already becoming more cautious as tariffs and a recession could lead to a demand shock that affects advertising strategies.

President Trump amended an executive order to include generic drugs among the products eligible for lower tariffs. Generic pharmaceuticals could get lower-than-established reciprocal tariff rates if trading partners make deals. While the memo is short on specifics, it’s another step back from pharma tariffs by the administration. Pharma companies, and especially generic drugmakers with slim profit margins, can breathe another sigh of relief. But that doesn’t mean they should step back from US manufacturing pledges where possible.

Temu’s US business is slowly recovering, despite tariff pressures and the end of de minimis. The ending of de minimis for all sellers—not just those based in China—coupled with higher tariff costs for virtually all retailers has enabled Temu to maintain its value proposition and appeal to bargain-hunting shoppers. That also applies to Shein, which is seeing shopping frequency, app downloads, site visits, and search interest above 2024 levels. The company’s recoveries show how important price is to US consumers—and how receptive they are to the stream of flash sales, discounts, and gamified rewards that Shein and Temu offer.

This is the first installment of our “Canada Ad Spending Benchmarks” series, which helps ad buyers and sellers calibrate their spending and revenue mix against the market.​

The news: Klarna is seeking a valuation of up to $14 billion in its coming IPO, per filings with the Securities and Exchange Commission. The BNPL provider will list with the New York Stock Exchange under the ticker symbol KLAR. The stock price at IPO is anticipated to be between $35 and $37 per share. Our take: Klarna is hoping its IPO can capture investors’ hunger for high-growth tech stocks after a period of uncertainty. Fueled by its partnerships and card launches, Klarna is setting itself up to challenge Affirm on US BNPL spend.

Despite recent tariff challenges, Amazon continues to show impressive growth while experimenting with longer Prime Day events and exploring new AI ventures.

The news: New details on the Trump administration and European Union trade agreement solidify a 15% tariff cap on generics and active pharmaceutical ingredients, but leave questions on brand-name drug imports. The takeaway: Pharma companies can breathe a sigh of relief with the certainty of 15% EU tariffs and another reprieve, at least for now, on MFN pricing. Although the threat remains, the MFN deadline has already shifted once from June to September and could be moved again. That said, drugmakers should continue discussions while preparing for counter measures if needed such as US-only drug launches or raising prices abroad.

Estée Lauder posted a wider quarterly loss as sales slumped and warned that tariffs could reduce earnings by about $100 million over the next year. Estée Lauder is taking necessary steps to turn around its business—focusing on product innovation, cutting costs, and broadening its customer reach—but it will be tough given intense competition in the beauty market. With key rival L’Oreal gaining US momentum and newer brands emerging, Estée Lauder must accelerate product innovation, reduce reliance on discounting, rebuild momentum in China, and take other steps to win new customers, or risk ceding more ground in the longer term.

On today’s podcast episode, we discuss how the world’s largest online retailer is weathering tariffs so far, the biggest takeaway from Prime Day, and why Amazon’s AI future could be wearables. Join our conversation with Senior Director of Podcasts and host, Marcus Johnson, Senior Director of Briefings Jeremy Goldman, and Analyst, Rachel Wolff. Listen everywhere you find podcasts and watch on YouTube and Spotify.

Nearly two-thirds of US consumers (63%) believe businesses are taking advantage of the challenging economic climate to raise prices, according to a survey by The Harris Poll. Still, consumers shouldn’t be surprised by tariff surcharges at checkout. Businesses should avoid the urge to use tariffs as an excuse to pad their margins and instead aim to keep prices on popular items as steady as possible while clearly explaining unavoidable increases.

The news: Revolving consumer credit growth has been negative for two months, per Federal Reserve Board data. Annualized revolving credit growth declined 3.5% in May and 1% in June. A year ago, annualized revolving credit growth stood at 6.15% in May and -0.92% in June. Our take: In the face of uncertainty, consumers are wary of spending unless they feel incentivized to change their behavior, especially as tariff-related pressures increase.

The news: BlinkRx debuted a new quick startup direct-to-consumer (D2C) offering for pharma companies, on the heels of President Trump’s demand for more D2C drug distribution. Trump’s son, Donald Trump Jr, joined the board of BlinkRx in February. BlinkRx told Bloomberg it did not consult with Trump Jr. nor anyone in the Trump administration about the new offering. The takeaway: Pharma companies were already looking at new access models and ways to build direct connections to patients, but with the now pressing Trump demands, there’s new opportunity for digital health companies to offer vetted plug-and-play models.

A key inflation gauge that excludes food and energy prices picked up in July, suggesting tariff-related cost increases are being passed along to consumers. Core CPI, which strips out energy and food, rose 3.1% YoY, up from 2.9% in June. On a monthly basis, that closely watched measure rose 0.3%, the highest increase since January and up from June’s 0.2% advance. Retailers and producers are exhausting their early strategies to shield consumers and will need to plan for sustained cost pressures. Some strategies retailers can take on include negotiating with suppliers on cost-cutting measures or the use of lower-cost materials, exploring investments in onshoring production to avoid tariffs, and increasing D2C sales in a bid to improve profit margins.

Swiss footwear company On posted raised its full-year sales and gross margin outlook, citing broad-based geographical strength as Gen Z consumers scoop up its premium-priced athletic shoes.