The U.S. advertising industry is the largest in the world. In 2023, companies are expected to spend close to $400 billion on ads in the country to raise awareness for their products and services and ultimately to improve their sales. But which industry is the biggest spender?
Interestingly, the industry spending the most on advertising isn’t one that makes a particular product but one that sells many products from different brands and producers. According to the Statista's Advertising & Media Market Insights, the retail industry accounts for 15.2 percent of total ad spending in the U.S. in 2023.
Entertainment and media ranked second, ahead of financial services, accounting for around 12 and 11 percent of ad spend, respectively. Pharmaceuticals and healthcare come in fourth place at a share of around 10 percent of ad revenue. Other than to retail which is more present in digital ads, the pharmaceuticals and healthcare sector remains more focused on traditional ad avenues. Overall, almost 70 percent of U.S. ad spend is in online formats in 2023.
