Any business owner, big or small, will know that marketing plays a big role in the success of a company. You can’t sell any of your products if your target audience doesn’t know your products exist.
That’s why millions of companies worldwide spend a decent amount of their budget on marketing. Finding the best marketing strategy and attracting customers helps brands increase their revenue. Running ads online and offline, creating promotional offers, and sending subscription emails are all valid marketing strategies, though their success varies.
But advertising spending varies from industry to industry. Let’s take a look at which industries spend the most money on marketing and advertising for their products or services!
Gambling Industry
Gambling advertising has halved in the last 3 years, yet is still one of the industries that spend the most money on advertising. Anyone will notice the increasing amount of online casino ads appearing on their YouTube videos or during a commercial break on TV.
In 2021, online gambling service ads accrued $725 million in revenue. This is a dramatic increase from the $292 million worth of revenue in 2020. The estimated total advertising spend in the US for 2022 was projected to be $1.8 billion.
The gambling industry is also spending more on promotions and sponsorships. These promotions and sponsorships are another great way to get the word out about gambling companies. This is the perfect way to attract possible new customers.
Consumer Packaged Goods Industry
Some sources say that the CPG industry is the industry that has spent the most on marketing. This isn’t so surprising considering this industry sells goods we use in our everyday lives. This means food, beverages, clothes, toiletries, and much more.
It’s a fact that most of the ads we see on TV, billboards, on the radio, and more are ads for simple, everyday-use items. This is one of the reasons it makes sense this industry spends the most on marketing. It may also be because there are so many different companies working with CPG that the market is oversaturated.
In 2022, the CPG ad spend was projected to increase to $36 billion, which is a $5.5 billion increase from 2021. Needless to say, this number will most likely become even bigger in 2023.
Financial Services Industry
The financial service industry includes insurance companies, credit and financing organizations, and other critical financial services such as banks and credit card companies.
In 2022, the financial services industry allocated 10.4% of its revenue towards marketing, a 7.4% increase from 2021. This comes up to a total of $32.09 billion spent on marketing in 2022. It’s no surprise that banks are responsible for 42.2% of this amount.
Banks and insurance companies are constantly looking to attract new customers and provide their services for them. They may run different banking or insurance plans and promotional offers for these reasons. There’s no doubt that marketing challenges are coming for every industry. However, it seems the financial services industry may be able to stay afloat in 2023.
Tech Product Industry
Finally, the tech product industry is one of the companies that have spent the most on marketing, with 10.1% of total allocated revenue.
Technology is becoming an integral part of our everyday lives, and the tech industry knows it. That’s why it makes sense that a lot of companies are looking to get the word out about their new revolutionary tech product. Seeing all the ads and excitement about the latest iPhone 14 is a testament to how much this industry spends on marketing.
It’s hard to beat the leaders in this industry such as Samsung and Apple, who spent over $100 million on advertising just on Twitter. However, many still pour a lot of their resources into advertising.