Traditional media brought in the dollars in the first half of 2011, a Nielsen study reports. The firm said that spending in TV, radio, magazines, and newspapers rose 5% to $53.2 billion. There have been several reports that spending has been steady, but this report says that spending has been steadily increasing. It is interesting to see which industries have been padding their budgets with more cash.
1. Automotive Insurance
This industry increased spending by an impressive 25% from $766 million to $955 million. The NYT article from which WARC sourced the information said that automotive insurance companies are emphasizing savings and discounts while trying to attract new customers. Although consumer confidence remains low, people are paying attention to what kind of deals they may be able to get.
2. Banking Services
Banking services came in at a close second by increasing spending 24% from $457 million to $566 million. While trying to repair its image, banking services are looking to inform consumers about rewards and product offerings. The past few years have not been good ones for banks, so it will be interesting to see how the market responds.
3. Financial Investment Services
The financial investment services industry rose 20% from $463 million to $550 million. This industry, based on the article's commentary, looks to widen its customer base. Like its banking counterparts, overcoming the sour taste of a "near market collapse" will take some time.
It was previously reported here that healthcare ad spending rose nearly $700 million dollars. The report did not include how much of it was traditional media, but it is still substantial and an interesting omission.
There are several takeaways in this article. First, financial industries are spending again, looking to attract more business. Second, traditional media and media buyers are not going anywhere, at least until the economy improves and consumers look elsewhere for information. Three, since ad spending is usually known as a lagging economic indicator, it looks like things are looking up. The battle for the consumer rages on.