Change in U.S. ad spending during and after crises 1933-2022

In 2022, advertising spend in the United States increased by eight percent, considering the expenditures of the country's 100 largest advertisers. Investment in advertising bounced back from 2020 when the ad industry felt the disruptions of the COVID-19 pandemic. That year, the U.S. 100 biggest spenders cut their budget by 7.5 percent. In general, the American ad industry has shown resilience after periods of crisis. For instance, investment in advertising shrunk by 18.2 percent in 1933, when the Great Depression reached its nadir. In 1934, ad spend rebounded by 24.5 percent. Likewise, advertising expenditures in 1943 bounced back from 1942, right after the United States entered World War II.