Advertising is an important part of any company's marketing strategy. It helps to create brand awareness and reach potential customers. But how much do companies spend on advertising each year? According to Statista, in 2020, companies spent an estimated $637.63 billion on advertising worldwide. This was a significant increase from the previous year, when spending decreased by just over one percent due to the impact of the coronavirus.
However, in 2020, spending increased by almost 19 percent. To gain access to more detailed information about advertising spending, you need a Statista account. Statista also offers a full-featured Ask Statista Research Service enterprise solution for businesses that need more in-depth data. Advertising is an essential part of any company's marketing strategy and can be a great way to reach potential customers.
Companies should consider their budget and goals when deciding how much to spend on advertising each year. With the right strategy, businesses can maximize their advertising budget and reach their desired audience.