Peru's advertising market grew by 5 percent during 2023The main advertiser in Peru is Genomma Lab, while Grupo Falabella and Grupo Intercorp occupy second and third place, respectively.
Peru had a GDP of $1 billion in 2023, ranking as the 22nd largest market by GDP globally. Reflecting these economic and population figures, Peru’s advertising revenue in 2023 was $681 million. Digital media accounted for 42% of total advertising budgets in Peru, up vk phone number data significantly from 10% in 2015. TV advertising accounted for 38% of total budgets in 2023, down from 52% in 2015. Print media saw a notable decline, accounting for just 3% of budgets in 2023 down from 15% in 2015. Radio advertising made up 9% of budgets, with OOH advertising accounting for 8% in 2023.
Karla Natareno, chief investment officer & regional operations director for Mediabrands in Latin America, said: “Despite the fact that economic activity in Peru has slowed down due to the country's political instability, our industry is rebounding and has grown by 8.6% in 2023. Digital media dominates budgets.”
The largest vertical industry in Peru is Personal Care and Home Goods, generating $72 million in advertising revenue. Retail follows closely as the second largest vertical with $63 million, and telecommunications contributes $55 million. The top advertiser in Peru is Genomma Lab, with Grupo Falabella and Grupo Intercorp being the second and third largest advertisers, respectively.
In 2023, Peru's total advertising revenue was $681 million, reflecting a year-over-year growth of 4.6%, positioning Peru as the 52nd largest advertising market. This growth occurred in an economic environment where nominal GDP increased by 6.6% year-over-year, despite a real GDP decline of 0.6% and CPI growth of 6.3%. Economic activity in the country slowed significantly and private investment decreased by 7.2% due to ongoing political instability in the country, social unrest, adverse weather events, and the outbreak of avian flu. In this context, Peru has presented its worst slowdown in the last 25 years with the exception of Covid in 2020.
In 2023, digital media advertising revenue in Peru grew by 8.6%, reaching $285 million, representing 42% of total advertising budgets. Social media advertising led this growth with a 19.3% increase, while digital video and search advertising also showed notable increases. Mobile advertising accounted for 50% of total digital advertising revenue. In contrast, traditional media advertising revenue grew modestly by 1.9%, reaching $396 million, with TV and publishing experiencing slight declines, although audio and OOH advertising showed positive growth.
