By the end of July, 2024 Democratic presidential ad spend, including primaries, totaled $288.1 million, down 66% compared to the same time in 2020. Republican ad spend amounted to $163.8 million, a 15% decrease from four years ago.

A driving factor behind 2024’s deflated numbers is the absence of billionaire candidates Tom Steyer and Michael Bloomberg, who both spent large sums in their bids to become the Democratic nominee.

“Without Bloomberg and Steyer’s spending, 2024 only trails 2020 by $20 million,” said John Link, vp of data at AdImpact.

Overall, AdImpact forecasts the 2024 U.S. presidential race will generate $2.68 billion in ad spend, down from $3.08 billion four years ago.

The latest survey from Morning Consult, conducted July 26-28, puts Harris one percentage point above Trump, 47% to 46%. The share of registered voters who said they’d vote for Joe Biden never exceeded 45%, according to polling going back to late 2022.