Q4 2023 Quarterly Trends Report

See the breakdown of industry trends and performance across retail media, paid search, and paid social. Download the report to dive into spending, pricing, and results across channels, and find out what influenced the digital advertising market in Q4.

  • Key performance indicators for the fourth quarter of the year across retail media, paid search, and paid social.
  • How ad prices have grown continually throughout 2023.
  • How commerce media drove digital media channel spending higher in Q3.
  • Details on how changes to ad offerings across search and social rebalanced the value of clicks and impression in those channels.

Retail media: Average cost-per-click rose 16% over Q4 of 2023 but stayed flat compared to last quarter, resulting in a YoY spend increase of 27%.

Paid social: Social commerce had an exceptionally strong showing compared to last quarter, with product ad and post types increasing spend by 70% over Q3.

Paid search: YoY spending increased 4% despite lower impression volume as the efficiency of newer ad and campaign formats drove higher clickthrough rates and click prices.

In this report:

Download the report to learn quarter-over-quarter and year-over-year digital advertising campaign performance trends from Q4 2023.

  • The holiday surge drove QoQ spending higher in all channels, with YoY spending up everywhere in Q4 as well, led by retail media at +27%.
  • Higher conversion rates in retail media and paid search could be one driver of higher CPC as algorithms adjust to meet ROAS goals.
  • A surge in Advantage Shopping Campaigns+ was part of a major QoQ wave of lower-funnel spending on Facebook and Instagram.
  • Q4 saw a large drop in impressions and clicks in the search channel due in large part to the shift from legacy shopping campaigns to Performance Max.
Download the Report