Nielsen has released its most recent Ad Intel and Consumer & Media View (CMV) data on the finance industry in Australia, as the sector ramps up ad spending by 9%, year-on-year.
The Commonwealth Bank was the top advertiser for the sector, followed by ANZ and Westpac.
While Australia’s top financial brands overwhelmingly invest in ads to promote their services, on average, corporate sponsorships are the second biggest ad investment, followed by superannuation products, home loans, debit and credit, and personal banking services.
Close behind are business banking services, followed by real estate investment offerings, managed funds, and e-banking products.
Additionally, Nielsen Consumer & Media View (CMV) data shows that 1.4 million Australians are currently looking to switch super funds, while 2.9 million are considering changing banks. 34% of them say it’s because of high fees, 33% want better interest rates, and 21% plan to do so because of poor service.
Rose Lopreiato, Nielsen Ad Intel’s Australia commercial lead, said: “In a highly competitive market like financial services, understanding where and how much your competitors are spending on advertising is crucial.
“Nielsen’s Ad Intel data reveals that ad investment in the finance sector surged by 9% year-on-year, with top brands like Commonwealth Bank, ANZ, and Westpac leading the charge. With $610 million invested across platforms, TV, General Display/Video, and Social Media emerged as the top three ad mediums.”
Last month, Neilsen CMV revealed the Australian automotive industry has seen an 8% year-on-year rise in ad spend, growing to $690 million for FY 2024.
The increase in automotive advertising was driven by strong investment from the sector’s key players, as reflected by the list of Top 10 Ad spenders for the auto sector for FY 2024. This was led by Toyota, Hyundai, Mitsubishi, Kia, and Nissan in Fifth. In sixth was Volkswagen, followed by BMW, Mazda, American Special Vehicles, and Isuzu UTE in tenth.
See also: Drivers start their engines: Auto sector ad spend grew 8% over last 12 months says Nielsen