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WASHINGTON, Sept. 30 -- The American Association of Advertising Agencies, New York, has issued a public comment to the Federal Trade Commission. The comment was written and posted on Sept. 26, 2022.
The comment, on Docket No. FTC-2022-0047-0001, was sent to the Office of the Secretary.
Here are excerpts:
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The American Association of Advertising Agencies ("the 4A's") is pleased to provide feedback on proposed revisions to the Federal Trade Commission Guides Concerning the Use of Endorsements and Testimonials in Advertising ("the Guides").
I. Our Industry and Who We Are
The 4A's was established in 1917 to promote and advance the interests of our member agencies and the advertising and marketing industries overall. Today, the organization serves more than 600 member agencies across 1,200 offices, which help direct more than 85% of total U.S. advertising spend.
Advertising is a significant contributor to the U.S. economy. By providing consumers with information on products and services, advertising fuels economic growth through its ability to support competitiveness. 2021 research from the IHS Markit found that advertising contributed $7.1 trillion in business sales activity and supported 28.5 million U.S. jobs last year. Advertising and its multiplier effects represent 18.5 percent of U.S. gross domestic product (GDP) and nearly one-fifth of all American jobs in 2020. Furthermore, every dollar of ad spending supported nearly $21 of sales, on average./1
In addition to directly contributing to the U.S. economy through direct spending, the advertising industry itself is also a major U.S. employer, with over 316,800 American professionals employed in advertising, promotions, and marketing management positions at a median pay of $141,490 per year in May 2020./2
Digital advertising is uniquely important because it is the financial foundation of most of the free services that people across the U.S. and the world utilize at little or no cost. News sites, online social networks, email services, weather websites, and video and entertainment platforms are primarily funded through online advertising.
Collaborating closely with their nationwide and global...