Telecom and financial services are powering ad growth in 2025, even as retail and consumer packaged goods (CPG) remain the biggest spenders. But trade and tariff headwinds are constraining growth in certain industries. Meanwhile, digital options are more dominant than ever, and social is gaining share across the board.

Key Question: Which industries will spend the most on total and digital advertising this year and next, and which will grow spending the fastest?

Key Stat: The telecom industry has been surging for two years, and it will lead all industries in digital ad spending growth in 2025 (16.3%). Retail, travel, and auto—all of which are struggling with tariffs and economic headwinds—will grow spend the slowest.