Retail media spend expected to increase over next year

Elana Morris

An overview of McKinsey's recent report on Retail Media Networks (RMNs).

Seventy-three percent of US advertisers expect to spend more on retail media networks (RMNs) in the upcoming year, according to a report from consulting firm McKinsey. Spending on retail media varies significantly across categories, with beauty anticipated to experience the highest spending uptick of 90%. In total, beauty, specialty and apparel and footwear, general retail, CPG and household, and CPG and grocery will see a 73% increase in spending overall.

This is all happening against the backdrop of universal spending cuts, as businesses attempt to reduce costs in many areas of the business. Despite potential recession, retailers...

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