Advertising by credit card services companies dipped significantly in the first three weeks of September, as the ongoing economic turmoil in the U.S. reached a boiling point, Nielsen Monitor-Plus reported Thursday.
Among credit card services companies, TV ad units for Sept. 1 - 21, 2008 were down by almost 24% versus the same time period last year.
Most of the top advertisers in the Credit Card Services category -- including Capital One, Discover, Synovus, Washington Mutual, and Visa -- reduced their TV television advertising activity in September.
Earlier in 2008, advertising by credit card services companies had shown increases. In July and August, ad spending for the category was up by almost 27% over the same period a year ago.
|Product Category||TV Ad Units:|
Sept. 3-23, 2007
|TV Ad Units:|
Sept. 1-21, 2008
|Financial Investment Services||15,693||15,424||-1.71%|
|Credit Card Services||18,057||13,784||-23.66%|
|Source: The Nielsen Company (September 3 - 23, 2007 and September 1 - 21, 2008).|
Ad spending by other sectors of the financial services industry has declined steadily so far this year.
In July and August, ad spending by mortgage service companies was down by almost 54%, compared to the same period in 2007. Ad spending by loan companies also dropped by almost 37% between July-August 2007 and July-August 2008.
|Product Category||TV Ad Spending:|
|TV Ad Spending:|
|Credit Card Services||$172,656.147||$218,473.427||26.54%|
|Financial Investment Services||$76,385.649||$91,524.918||19.82%|
|Source: The Nielsen Company (July 1 - August 31, 2007 and July 1 - August 31, 2008).|