It is no secret that the 2024 election cycle is expected to be a contentious and hotly contested time period. With that expected climate, political advertising is likely to reach new heights next year.
According to a report from Axios, Group M projects political ad spending in 2024 will grow 32% to $16 billion. The organization includes if you add in direct mail spending, that figure will grow to $17.1 billion. Projections from Group M are significantly higher than others. For instance, AdImpact has shared it believes political advertising will only eclipse roughly $10 billion next year.
Previous analysis claims Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin are slated to see the most advertising in that sector. Arizona was projected to receive $821 million in political advertising alone.
In other sectors, Group M claims digital advertising will likely finish 2023 up 5.8% in spending. When excluding election-related advertising, $889 billion will be spent in the calendar year on the digital front.
Retail advertisers account for the majority of growth, according to the organization, which points to brands like Amazon, Kroger, and Uber as some of the largest spenders in the space.
