The State of B2B Media in 2022 & What it Means for 2023

Whether we’re talking about B2B, B2C, or any other sector, the pandemic and its aftermath have significantly impacted most companies, including advertisers. Shrinking marketing budgets, ongoing labor shortages, uncertain economic conditions, and changes in digital advertising technology have all contributed to a challenging environment for advertisers.

The pandemic hit B2B advertisers particularly hard, as companies across industries reduced spending. As the pandemic appeared to subside, many advertisers were ready to increase their budgets, only to be confronted with warning signs of a recession in the US. This has left advertisers at a crossroads: should they reduce spending until the economy recovers, or continue investing to avoid falling behind?

Here’s what the data reveals about B2B media in 2022 and what it could mean for 2023.

How Are Advertisers Spending on B2B Media in 2022?

After a period of restricted spending during the pandemic, which saw marketing budgets drop to just 6.4% of overall company revenue in 2021, advertisers began 2022 with renewed willingness to invest in B2B media.

Through July 2022, 66,500 B2B companies spent more than $2.3 billion on ads across 1,800 B2B print and online publications, representing a 3% year-over-year (YoY) increase from the same period in 2021. Spending was up by 8% between January and April.

Broken down by format:

• ​B2B print spending increased by 2% YoY.
• ​B2B digital spending increased by 6% YoY.

While these are modest increases, in the context of ongoing economic uncertainty, even slight growth signals that advertisers are regaining confidence. However, this optimism was short-lived, as recession concerns led to a 3% YoY decrease in B2B ad spending between May and July compared to 2021.

The impact of the recession and lingering COVID-19 concerns has not been uniform across all B2B advertisers.

B2B Advertisers Are Reading the Headlines

The pandemic affected most advertisers financially, but some sectors fared better than others. Online retailers, streaming services, workplace solutions, and on-demand workout equipment companies managed to maintain or increase their advertising investments.

Professional Services advertisers, for example, increased their spending by 11% YoY through June, driven mainly by Professional Associations such as AARP and the Infectious Disease Society of America (IDSA). AARP’s increase is linked to older generations facing job market challenges and delaying retirement, while IDSA’s spending is tied to ongoing public health communications as the pandemic nears its end.

Staffing & Recruiting advertisers also increased spending by 23% YoY, capitalizing on the "Great Resignation" and helping millions who left their jobs find new opportunities.

Conversely, some advertisers are pulling back due to continued supply chain and logistical issues. Industry advertisers decreased spending by 5% YoY, with Industrial Machinery and Chemical companies spending 1% and 5% less, respectively, than the previous year. These minimal decreases suggest that advertisers are cautious but not overly concerned, as they have some experience navigating recession-era spending.

Overall, B2B advertisers are closely monitoring current events and adjusting their budgets accordingly—a trend likely to continue into 2023.

Trade Shows Are Back

The exhibition industry suffered a 68% revenue decrease in 2020, with exhibition-related output dropping by $224 billion. Virtual events provided a temporary solution, but there is strong enthusiasm for the return of in-person events.

Examples include:

• ​The Global Pet Expo in Orlando, which hosted 722 exhibitors and 5,400 attendees, despite a decline in numbers compared to previous years.
• ​The International Security Conference & Exposition (ISC), which saw attendance and revenue increase by 88% and 19%, respectively, from 2019.
• ​The World of Asphalt trade show, which reported record-breaking attendance and engagement.

These events reflect broader trends, such as increased interest in safety (for ISC), infrastructure investment (for World of Asphalt), and pandemic-driven pet ownership (for Global Pet Expo). The resurgence of live events suggests that certain sectors—like travel, digital workplace experiences, and health technology—may attract large audiences through 2022 and into 2023.

Are B2B Advertisers Back?

The answer is both yes and no, but mostly yes. Pandemic-related concerns have largely faded, but new economic uncertainties are emerging. Regardless of the specific challenge—pandemic, recession, or otherwise—B2B ad spending tends to follow the headlines. The key for advertisers is to stay informed and identify opportunities that may be less affected by current events.