Despite the presidential election being flipped on its proverbial head in recent days, 2024 election spending hasn’t slowed, reaching more than $3 billion.
Before President Donald Trump was shot at a Pennsylvania rally earlier this month, resulting in President Joe Biden pulling his campaign ads, political advertising was beginning to grow, with more than $165.8 million tracked by AdImpact in the last two weeks.
With that infusion of $165 million into the political realm, it brings total spending to just under $3.2 billion, far outpacing previous spending, including the hotly contested 2020 election.
While the presidential race has been shaken up by the recent announcement that President Joe Biden is ending his re-election campaign, tight Congressional races have increased spending for the 2024 election cycle.
According to AdImpact’s data, more than $550 million has already been reserved for fall advertising for Senate races, with an additional $330 million spent on House campaigns. In total, more than $1.2 billion has been reserved for political campaigns when issue spending, presidential races, state house campaigns, governor races, and attorney general elections are factored in. $721 million of the spending reserved is for Democratic Party candidates, with just under $405 million reserved for Republicans.
With the tight Congressional races and the changes to the presidential ticket, AdImpact has upped its projection for total political spending for the 2024 election from $10.2 billion to $10.7 billion. That figure would represent a 19% increase compared to 2020.
