New data from Standard Media Index (SMI) reveals that advertising investment declined for the first time this year, Media In Canada reported earlier this week.
The drop of overall cross-platform spending was down four per cent in June compared to the same period of last year. It is the first time since Feb 2021 the Canadian market has had negative year-over-year growth.
The report noted, however, that strength through the rest of the year means spending remains up eight per cent for the first half of 2022, with Q2 up five per cent.
Digital spend was down four per cent in June after 22 consecutive months of year-over-year growth.
Although overall digital was down, several media-sub types still managed increased investment. Search was up 15 per cent, while digital print increased 28 per cent. Social was down five per cent.
The top three spending categories in June were CPG, financial services and automotive. This is consistent with overall trends in 2022.