34 must know marketing budget stats for 2024
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With the many different costs of running a business, it can be difficult to know how much to invest in your marketing budget. Even after you allocate your marketing spend, what exactly should it go towards? As a digital marketing agency with many different channels, we understand the importance of finding the right balance.
In this blog, we look at 34 marketing budget stats that will help you plan your company spending in 2024. From influencer advertising to AI technology, these stats will give you great insights into what marketers are investing in this year.
If you’d like some help with planning out your marketing budget, we are experts at figuring out which channels are best suited to your business. You can contact our friendly team via email at [email protected] or call us on 0161 327 2635.
Overall marketing budget stats
- Marketing on average made up 10.6% of company budgets in 2023. (Deloitte)
- Marketing budgets are attributed to 9.2% of company revenue. (Deloitte)
- A HubSpot survey of over 1400 marketers found that 41% reported their budget would increase in 2024, and 47% expect it to stay the same. (HubSpot)
- In 2024, ad spending is predicted to grow to 5.7% in the UK, 4.4% in the US, and 10% globally.
- 94% of small businesses are planning to increase their marketing budget in 2024. (Forbes)
- A survey by Local IQ found that 71.7% of businesses feel limited in how much of their digital marketing they can outsource due to their budgetary constraints. (LocalIQ)
- 29.3% of businesses in 2024 are using AI to optimise their budgets. (LocalIQ)
- Mobile ad spending is on track to total over $300 billion in 2024, with mobile driving over 50% of overall web traffic. (Together Agency)
Marketing budget allocation stats
- 87% of marketers are planning on either increasing or maintaining their influencer marketing budget. (HubSpot)
- Over the next 3 years, the use of influencers in marketing is expected to reach 109% of marketing budgets. (Deloitte)
- 56% of marketers plan to increase their TikTok budget in 2024. (HubSpot)
- 92% of businesses report plans to increase their budget for creators, and 36% plan to spend at least half of their digital marketing budget on creator marketing. (AdWeek)
- In B2B marketing, 18% of budgets are allocated to direct mail and print advertising. (PostGrid)
- Businesses are currently spending about 14.9% of their marketing budget on social media marketing. (Statista)
- Social media marketing is expected to reach a total spend of $219.8 billion in 2024. (Sprout Social)
- Video marketing in the US is expected to grow by 9.93% in 2024, from $76.97 billion in 2023 to $84.61 billion this year. (Sprout Social)
- 53% of marketers are spending at least 50% of their budget on lead generation. (startupbonsai)
- Marketers on average allocate 8% of their budget to email marketing. (Gartner)
- On average, about 21% of annual company budgets go towards event marketing (EnterpriseAppsToday)
- A majority (36%) of businesses spend between 10 – 29% of their marketing budget on content marketing. (Forbes)
- Businesses on average spend 52% of their content marketing budget on social media and community building. (Forbes)
- US marketers spend about 19% of their budgets on mobile. (Statista)
- On average, 72% of overall marketing budgets go towards digital marketing. (WordStream)
- Local businesses put 5 – 10% of their revenue into digital marketing, while for larger businesses this grows to about 14%. (WordStream)
- 45.71% of marketers allocate between 20-50% of their budget to creating visual content. (Venngage)
Industry advertising budget stats
- The consumer packaged goods industry spends the highest percentage of its revenue on marketing at 25.19%. (Statista)
- The transportation industry spends the lowest percentage of its revenue on marketing at 1.52%. (Statista)
- Marketing budgets for law firms are usually between 4-8% of the firm’s revenue (310 Creative)
- B2B digital marketing budgets are predicted to reach $18.5 billion in the US by 2024. (The Social Shephard)
- 26% of retail businesses report an increase in marketing spend going into 2024. (Marketing Week)
- 69% of B2B marketers predict their business will increase spending on video marketing in 2024. (CMI)
Technology in marketing budget stats
- A report by Invoca found that 90% of marketers are planning on increasing their AI technology budget. (Invoca)
- The most successful startups spend over 25% of their marketing budget on marketing technology. (GetApp)
- 47% of marketers increased their augmented and virtual reality spending in 2023, and 49% want to increase this further in 2024. (Together Agency)
Get results out of your marketing budget with Embryo
These stats demonstrate how important marketing, especially digital marketing, is when planning your company’s budget.
However, to get the most out of your investment, you need a marketer that you can trust. That’s where we come in. As award-winning experts in SEO, PPC, Digital PR, and UX/UI design, Embryo’s bespoke strategies are designed to help businesses achieve the best results possible with their specific marketing budget. Contact a member of our team today at [email protected] or 0161 327 2635.
