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Retail Media Forecast H2 2023

Strong Growth Boosts Our Forecast—but the Path to Strategic Spending Is Rocky

About This Report
Expanded opportunities have made retail media’s rosy forecast even rosier. But retailers and buyers need to address the channel’s measurement, standardization, and complexity challenges.
Table of Contents

Retail media has become strategically important to marketers. But the challenges the channel presents, and how advertisers respond to those challenges, are also coming into focus. Retailers’ approach has massive implications for retail media networks themselves—and for other ad spending channels, as well.

Key Question: What will compel retailers to adopt the standardization and measurement needed to unlock retail media’s maximum potential?

KEY STAT: Increased spending in retail media connected TV and other off-site formats has pushed our forecast up several percentage points, starting with a 3.2% increase in 2024.

Here’s what’s in the full report


Exportable files for easy reading, analysis and sharing.


Reliable data in simple displays for presentations and quick decision making.

7expert perspectives

Insights from industry and company leaders.

    Table of Contents

    1. Executive Summary
    2. Retail media has the potential to become the most important ad spending channel out there
    1. A rough H1 for digital ad spending didn’t slow retail media down
    2. Insider Intelligence Interviews
    1. Sources
    2. Media Gallery

    Interviewed for This Report

    Aron Bohlig
    Managing Partner
    Interviewed October 23, 2023
    Jeffrey Bustos
    Interactive Advertising Bureau
    Vice President, Measurement, Addressability and Data
    Interviewed October 18, 2023
    Glen Conybeare
    IPG Mediabrands
    Global President, Retail and Commerce
    Interviewed October 16, 2023
    Andy Friedland
    Chief Revenue Officer
    Interviewed October 25, 2023
    Michael Greene
    Senior Vice President, Global Vertical Strategy
    Interviewed October 18, 2023
    David MacDonald
    Publicis Commerce
    Managing Director
    Interviewed October 23, 2023


    Max Willens


    Andrew Lipsman
    Principal Analyst, Retail & Ecommerce
    Peter Newman
    Director, Forecasting
    Paul Verna
    Principal Analyst
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