Media spending on newspapers and magazines is also decreasing in Canada, whilst digital advertising spending is gradually growing. The format with the highest spend is search advertising, however traditional display spending is also set to rise, standing at 1.67 million Canadian dollars when last recorded and expected to reach over 2.4 million by 2020. By comparison, newspaper ad expenditure in Mexico has shown a tendency to gradually increase, and digital ad expenses are growing with the same intensity as in the rest of North America.
Interestingly, there is a strong correlation between advertising spending on selected mediums and the amount of time consumers spend with that medium. For example, U.S. consumers spent 29 percent of their time with mobile devices in 2017, and 26 percent of advertising expenditures were dedicated to this medium, leaving a profit opportunity of just three percent. Again though print fell behind, with nine percent of advertising spending being allocated and consumers spending just four percent of their time with the medium.
The most recent data shows that the leading advertising categories in Mexico was education and media, with a total spend of over 20 billion Mexican pesos, compared to just 7.47 billion spent on retail. However, retail was the leading paid search advertising category in Canada with a spend of 4.56 billion Canadian dollars, with the financial services category coming a close second.
All in all, while all three countries are following a relatively similar path, where traditional media advertising is being replaced with digital ads, Mexico among the three is just slightly less predictable when it comes to expenses, as the year on year change in advertising spending overall fluctuates significantly more than in other areas of North America.