The Tax Services category spent $220 million in 2008 on ads, an increase of 11% from 2007. Over one-third of the 2008 total was spent on Cable TV ($76.9 million), followed by Spot TV ($40.5 million), and Network TV ($35.7 million).
Over half ($125.8 million) of the budget was spent in the first quarter - the three months leading up to the April deadline. That was followed by the fourth quarter ($36.9 million, 17%). The third quarter had the least amount of advertising - $25.6 million, or 12% of the year's ad spending.
TOP TAX SERVICE ADVERTISERS IN 2008
|RANK||ADVERTISER||2008 AD SPEND (millions)||% CHANGE '08 vs. '07|
|1||H&R Block Inc.||$89.4||1%|
|2||American Tax Relief||$28.3||97%|
|3||Jackson Hewitt Tax Svc. Inc.||$26.7||-8%|
|4||JKH Holding Co.||$19.2||-19%|
|5||Tmirs Enterprises Ltd (Taxmasters)||$7.2||88%|
|source: The Nielsen Company 2009|
Spending by the top five advertisers in the Tax Services category totaled $170.9 million for 2008, a 7% increase from 2007. H&R Block, the largest advertiser last year, essentially kept its budget flat from 2007.
As an indication of the economic struggles Americans have been facing, American Tax Relief, a company specializing in settling individual tax debts, showed the largest percent increase from 2007 to 2008 (+97%, +$14 million). American Tax Relief's ad budget has grown more than twenty-fold since 2004, when its spending was just $1.3 million.
For more information on ad spend in the Tax and Financial Services industries, click here.