According to a Statista survey, brands spent $73.2bn on social media ads in 2018. Two years later, this figure practically doubled to $132.7bn. And in 2021 spend hit $180.9bn. Although spend slowed down in 2022, it still hit record highs.

So what is going on? Well, with 75% of Gen Zers and almost half of Millennials making purchasing decisions influenced by social media ads, companies are driving spend as they aim to tap this demographic.

Let’s look at some more figures:

• 2023 social ad spend is expected to top $207bn – that is almost triple the figure reported in 2018.
• Over 80% of total ad spending this year, or $170.3bn, will be generated through mobile, up from $53.5bn five years ago.
• Most ad spending, or $72.3bn, will come from the United States. Chinese brands stand close with $71.3bn in total ad spending this year. United Kingdom, Japan, and Germany follow, with $9.7bn, $7.7bn, and $3.8bn, respectively.
• Meta Dominates the Social Media Advertising Landscape with a Huge 55% Market Share.
• Data show the number of people using social media platforms is expected to hit almost 4.9 billion this year, up from 4.59 billion in 2022.

Enough said.