Q3 2023 Quarterly Trends Report
- Key performance indicators for the third quarter of the year across retail media, paid search, and paid social.
- How an increase in ad prices are a key factor in understanding spending growth throughout 2023.
- How sequential growth drove digital media channel spending higher in Q3.
- Details on ad spending growth from Q2 to Q3, with every channel seeing their strongest spending month of 2023 during the third quarter.
Retail media: Total spend for retail media increased 35% over Q3 of last year, equaling the YoY growth rate from last quarter.
Paid social: While upper- and mid-funnel campaigns showed double-digit YoY growth, lower-funnel campaigns on Skai were flat to slightly down, bringing overall spending down 3%.
Paid search: Spending growth was higher for search programs targeting revenue—driven in part by adoption of Performance Max campaigns—but also for a small segment maximizing impressions and impression share.
In this report:
Download the report to learn quarter-over-quarter and year-over-year digital advertising campaign performance trends from Q3 2023.
- Q3 spending was up over Q1 levels across all channels, with retail media and paid search showing more consistent growth YTD.
- Increases in ad prices are a key factor in understanding spending growth throughout 2023.
- Year-over-year (YoY) spending accelerated from +3% to +5% in paid search, retail media nearly matched its robust +35% growth from last quarter and paid social diverged from current macro trends for structural reasons.
- There is a clear divergence in our data between growth rates of social campaigns based on objectives, suggesting a stronger social rebound for upper- and mid-funnel activity.