A study of 53 UK CEOs from retailers like Gymshark, Beauty Pie, Gousto, Waterstones shows strategic marketing spend insights from retail leaders.
87% of retailers said they spend on Facebook ads, and 75% identify the platform as one of their top five marketing channels. Instagram at 85% had the second-highest marketing spend, followed by YouTube at 71%, among retailers.
At 56%, TikTok rounds up the top ten when it comes to marketing spending. With 3.5 million followers on TikTok, Gymshark's international president, Niran Chana, said that "We've seen an incredible rise in growth with TikTok since we came on to the platform".
Moreover, one fashion store attributed 42% of its sales to email marketing, demonstrating that retailers had different approaches to marketing budget allocation. In 2022, 88% of CEOs predict sales to be "slightly better" or "much better", and 88% are investing in digital.