According to a report published by Social Bakers, there was an increase of 56.4% quarter-over-quarter (QoQ) in global social media ad spend during Q3 2020.
North America took the lead with an increase of 61.7%, primarily due to the Facebook ad boycott at the end of Q2 2020. Central America was close behind with a 55.6% increase and Europe came in third with 50.4%.
All in all, social media ad spend levels have gone back to the levels seen at the end of Q3 2019 and are expected to increase in the holiday season.
The average industry ad spend soared by 38.9% QoQ in Q3 2020. FMCG Food surged by a massive 61.3% while Auto increased by 59.4% QoQ. Finance saw a 35.3% increase and eCommerce soared by 27.5% compared to Q2 2020.
Total spending on eCommerce increased by a remarkable 56.5% in comparison to Q3 2019.
