Study: Most Retailers to Boost Ad Spend on Facebook in 2021
Retail Dive | November 24, 2020
After an unpredictable year, retailers plan to increase spending on social media. While uncertainty still revolves around the upcoming COVID-19 vaccine, it's not clear how quickly and how many people will return to their former shopping habits of visiting stores. E-commerce will remain a priority for retailers.
Currently, retailers are spending heavily on social media, with Facebook being the most popular platform, although Instagram may overtake Facebook next year given their performance for return on ad spend.
Two-thirds of retailers have a marketing budget of $20 million or more, while three-quarters currently allocate at least 31% of their marketing budget to social media advertising. Just 12% of retailers put more than half of their media budgets into social ads.
Looking at 2021, about three-quarters (76%) of retailers will boost advertising on Facebook, ahead of Twitter (44%), Instagram (38%), LinkedIn (38%), TikTok (10%), Pinterest (8%) and Snapchat (5%).
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Article's Source: Survey conducted by Smartly.io, WBR Insights and eTail in October to ask 300 retailers worldwide about their 2021 marketing plans.