Advertisers faced high competition in October 2024, as it marked the beginning of Q4, when overall ad spend is expected to reach $397 billion in the United States. It’s essential for advertisers to be aware of trends to allocate funds appropriately.
Our benchmarks report will review common ad performance metrics for Google Ads across brands using Triple Whale to monitor and maximize their performance. This analysis includes 6,785 ad accounts and compares the period of October 1st to 31st, 2024 to September 1st to September 30th, 2024.
Additionally, we’ll break down the vertical-specific trends with data from the following industries:
Google Ads metrics mostly dropped in performance when compared to September 2024. Return on ad spend (-2.94%), average order value (-4.26%), and click-through rate (-2.26%) had dropped from the month prior, which indicates ads were less efficient even with higher spend (+6.85%). Conversion rate was up slightly (+1.42%), cost per acquisition was down (-1.40%), and cost per click remained the same.
Campaigns that drive visitors (and potential customers) to a website or landing page are a common advertising strategy for many brands. Here, we present the average benchmarks for cost per click (CPC) for 12 industries tracking their advertising effectiveness with Triple Whale for October 2024, and the amount these values differed from September 2024 for Google Ads:
Most industries experienced an increase in cost per click (CPC) for Google Ads in October 2024. Higher CPC overall indicates the heightened competition is driving up the cost each advertiser has to spend to acquire a click. The highest CPC increases month to month were in Toys & Hobbies (+24.59%) and Electronics (+15.19%).
Some industries experienced a decrease in CPC, and they were: Food & Beverage (-6.09%), Health & Beauty (-7.55%), and Home & Garden (-12.39%).
Cost per mille (CPM) represents the cost per thousand impressions on the Google Display Network. Advertisers on Google can choose to set up viewable CPM bids where they only pay for ad impressions that are viewable. For most industries in this dataset, CPM dropped in October 2024 compared to the month prior.
The industry with the highest CPM was Pet Supplies ($23.19), which had a +22.55% increase compared to September 2024. This falls in line with the metrics we reported in the ROAS Refresh Report, where pet brands had higher than average values across CPC, CPM, and CPA than other industries.
While Books had the lowest CPM of all industries in October 2024, it was still a +35.50% increase from September 2024, indicating increased competition for viewing these ads.
Most industries experienced a drop in CTR in October 2024 compared to September 2024. This is in direct contrast to the performance of Facebook Ads for the same period, where most industries had an increase in CTR.
The highest CTR for Google Ads was in Toys & Hobbies (1.50%), a popular industry ahead of the gift-giving season expected to have higher click-through rates. The industry with the lowest CTR was Art at 0.96%, a drop of -12.73% from September 2024.
Conversion rate can vary widely by industry, and the data from October 2024 definitely supports this. For Google Ads, most industries experienced a drop in CVR month over month, which may reflect higher competition amongst these industries or less compelling ads.
Electronics had the lowest conversion rate at 2.79%, which was a +15.29% increase month over month.
The industry with the highest conversion rate is Food & Beverage at 7.52%, which was an increase of +31.24%.
Cost per acquisition is expected to rise in a competitive bidding environment, and this is exactly what happened for almost all industries in October.
Only four industries experienced a drop in CPA month to month: Clothing (-1.17%), Electronics (-0.15%), Food & Beverage (-28.39%), and Sporting Goods (-11.17%). Since CPA considers how many ad clicks are required before a conversion occurs, an increase in conversion rate will lower the CPA. All of the same industries just mentioned indeed experienced an increase in conversion rate over the same period.
Average order value dropped month over month for most industries in this analysis, except for Art (+2.21%), Baby (+4.72%), Pet Supplies (+9.20%), and Toys & Hobbies (+18.46%). The highest AOV was in Home & Garden at $149.91, which is common for an industry with higher priced items. The lowest AOV was Books at $42.53, and this industry could employ more bundling tactics to drive that number up in future months.
Return on ad spend (ROAS) for Google Ads had an almost universal drop across industries, with only two managing to increase in October 2024: Food & Beverage (+2.52%) and Pet Supplies (+4.85%). Most businesses are having difficulty getting good ROAS on Google Ads, even with the increased spending across the board.
The highest ROAS was Clothing (5.19), and this industry often has higher return on ad spend than other industries. The lowest ROAS was Pet Supplies (2.16), reflecting the high competition and low return on dollars invested in this industry.
In summary, October 2024 saw intensified competition in Google Ads, influenced by both the Q4 shopping surge and significant political ad spending. As a result, many key metrics—like click-through rate (CTR), return on ad spend (ROAS), and average order value (AOV)—declined despite increased ad spend across most industries. However, some positive trends emerged: conversion rates saw a slight uptick, and certain sectors like Food & Beverage and Pet Supplies managed to improve their ROAS. Advertisers navigating this high-stakes period should closely monitor these trends to allocate budgets efficiently, balancing increased costs with potential for returns across industry-specific dynamics.
If you’re a brand looking for a way to make an unpredictable BFCM a little more predictable, check out our BFCM Resource Hub to access articles, checklists, tools, and customized Triple Whale dashboards to access real-time insights to make quick, confident decisions about your marketing efforts.
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