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Auto industry ad spend falls to $4.8 billion in first seven months of 2022 - data

·1 min read
Imported automobiles are parked in a lot at the port of Newark New Jersey

(Reuters) - U.S. auto industry ad spend for the first seven months of this year fell 4% year-on-year as inventory shortages crimped sales even as vehicle demand stayed strong, according to data from an advertising research firm.

Digital ad spending accounted for 53% of the totall $4.80 billion the industry spent during the period, according to data from Standard Media Index (SMI).

The overall ad spend was 12.7% less compared to the same period in pre-pandemic 2019 at $5.50 billion, as spending from dealerships, traditionally among the biggest in the industry, suffers due to a shortage of vehicles.

(Reporting by Nathan Gomes in Bengaluru; Editing by Vinay Dwivedi)