P&G, L’Oréal, and More Increase Ad Spend as Inflation Falls
August 3, 2023
The Current
Major advertisers, including Procter & Gamble (P&G), L’Oréal, Unilever, Kimberly-Clark Corp., Nestlé, and Hershey Co., are increasing their ad spend after preparing for a recession that did not occur. P&G reported an 8% increase in organic sales growth after raising its ad spend by $453 million last quarter. The growth in ad spend and improved bottom lines are correlated with the U.S. economy’s positive trajectory and a dip in inflation rates, encouraging advertisers to be more flexible in their spending and focus on performance-driven campaigns.
Recent News
-
Brands Embrace AI to Revolutionize Customer Experience
In a bid to enhance customer interactions and reduce the drawbacks of live customer service, brands are turning to AI solutions, from chatbots to innovative food delivery robots. Home Chef, a meal-kit-delivery service, employs the virtual assistant Herb to streamline…
-
Tesla’s Growth Slowdown Sends Warning Signals to Electric Vehicle Industry
Morgan Stanley analyst Adam Jonas suggests that Tesla’s recent tempered growth expectations indicate potential challenges for the broader electric vehicle (EV) industry. Following Tesla’s disappointing third-quarter results and cautious earnings call, Jonas believes there’s a ripple effect across the EV…
-
Housing Market Faces Continued Affordability Crisis as Mortgage Rates Near 8%
The housing market in the United States is witnessing its most challenging phase in years, with mortgage rates inching toward 8% and prices soaring for three consecutive months. Data reveals that September experienced the lowest housing sales in 13 years….
-
Elon Musk’s X Plans New Paid Subscriptions Amid Reports of Declining Web Traffic
Elon Musk’s X is set to introduce two new subscription tiers despite reports of a significant decline in web traffic. The Tesla CEO shared on X that one tier would be lower cost with all features but no ad reduction,…