As the mortgage market continues to unravel, related ad spending is taking a big hit, according to the latest Nielsen data.
Through the first three quarters of 2008, mortgage and loan companies, including web-based companies, spent $778 million less (62 percent less) on advertising compared to the same period a year earlier.
Hopefully that equates to fewer dancing alien ads and other annoying campaigns touting the lowest mortgage rates available.
Aside from the big drop in mortgage-related advertising, ad spending by financial companies only slipped $600 million to $5.3 billion during the same period.
And at a number of firms, such as credit reporting company Experian, and online brokerages ETrade and Scottrade, spending is actually up from last year considerably.
It makes sense that ETrade would boost spending in order to keep deposits flowing in at a time when their viability was in question, thanks largely to its participation in the flagging mortgage market.
On the flipside, large banks and mortgage lenders such as Citi, Bank of America, and Capital One have all reduced ad spend by more than 20 percent compared to last year as part of their overall pullback.
Interestingly, credit card ad spending remained relatively unchanged compared to last year at just around $1.2 billion, despite increasing worries that the industry could be the next great implosion.