Our Q2/23 Digital Commerce Spend Report brings you data-driven insights and analysis on spending patterns within digital commerce in order to help companies identify trends, optimise investment and inform strategic decisions. Download the report here.
The economy is showing initial signs of recovery and inflation is starting to ease across Europe, but businesses are taking a cautious approach to spend. Although they’re increasing the amount they’re spending, they’re making less transactions, choosing to carefully invest where it matters. This uptake in spend shows a more positive outlook for the months ahead.
Forecasts from the European Central Bank and the Bank of England predict a better than expected 2023. And, the Consumer Confidence Index (CCI), which provides an indication of future developments of household consumption and saving, also reported growing numbers after reaching a record low in September 2022. Whilst leading indicators are still far below 100, results suggest consumers are starting to feel more confident about the future economic situation and this is certainly something that is backed up by our findings this quarter.
Average card spend per business increased by 6.6% versus Q1/23 and 18% compared to the same quarter in 2022. It even exceeded Q4/22, the best quarter for spend and economic activity in Europe last year. The months ahead are looking positive, as May and June saw large increases in total and average card spend.
Meta’s years-long reign ended last quarter when Google took the top spot. This quarter, Google kept the first position and increased their share of our customer’s wallets with 51.8% of their budgets. Meta came in second place with 39.2% of spend, but still remains the UK’s ad platform of choice.
Elsewhere in the top ten, there were some surprises. TikTok took third place, with 2.5% knocking Microsoft Advertising down to fourth place. Snapchat became the ad network to watch in the months ahead, as although they took 0.53% of budgets, they grew 14% in total volume compared to last quarter.
Q1/23 marked a record high for inventory spend among Juni customers. 11.5% of total budgets were diverted to this category – almost doubling the amount spent in Q4 2022. In Q2, customers allocated 12.7% to inventory, continuing the trend. Although the peak for buying stock was in December, with customers putting 17% of their budgets there, June ended with numbers around 10.8% which shows optimism for this trend continuing.
Even though SMB digital commerce appeared to be driving growth in average inventory spend this quarter, with a 25.5% increase compared to the previous quarter, the median actually went down by 16.4%. This is in direct contrast to Mid-market customers, who decreased their average spend by 0.8% but increased the median by 2.6%.
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Insights in this report come from analysing thousands of aggregated and anonymised transactions on Juni cards. SMB digital commerce represents companies with <50 employees. Mid-market digital commerce represents companies with >50 employees. Digital agencies reference both digital marketing and advertising agencies as well as affiliate marketing companies. Quarter-over-quarter comparisons consist of customers who have been active with Juni over the two quarters. Year-over-year comparisons consist of customers who have been active with Juni over that entire 12-month period of time. Numbers were compiled and analysed on a quarterly basis.
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