Digital media spending will reach $118 billion by 2021
It is expected that digital media spending will reach 118 billion US dollars by 2021, as brands focus on “experiences”. The study was undertaken by the market research company Forrester, which expects to see “a shift away from quantity, toward quality” within the next five years. The report said that marketing budgets are likely to head towards brand experiences, in-store experiences and CX. It was added that “many companies are wasting impressions, which can annoy customers” and will now shift towards a more “holistic and integrated approach”. Also noted was the fact that millennials are now entering a “high-spending” phase of life, forcing brands to invest heavily in digital to attract the 600-billion-dollar demographic. It also was forecast that “paid search, display advertising, social media advertising, online video advertising and email marketing will pace to 46% of all advertising” before the end of 2021.
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