The nation’s top 10 marketers spent $15.34 billion on traditional media and online display advertising in 2014, down 4.2% from a year earlier, research firm Kantar Media said today. Among that elite group, consumer goods giant P&G trimmed back the most, slashing its spending by more than 14% to $2.64 billion.
The pullback shouldn’t come as a surprise. Kantar Media’s ad expenditure report in September showed that four of the five biggest advertisers in the U.S. cut back on their media spending for the first nine months of the year.
Kantar Media’s analysis doesn’t include all digital spending, just desktop display advertising, and that could be exacerbating declines in the data. It’s possible that marketers are moving ad spending out of traditional categories and into digital outlets such as mobile and web video that aren’t counted in Kantar Media’s analysis.