EMI Strategic Marketing performed a detailed analysis of advertising and marketing expenditures for c. 30 leading U.S. banks and found an 8% rise in spend in 2024, reaching more than $22.5 billion. Bank marketing spend was initially negatively impacted by COVID – falling 18% in 2020 – then it rebounded strongly by 26% in 2021 and 22% in 2022. The rate of growth has averaged 8% over the past two years, in line with a 9% CAGR since 2017.
