Amazon has defied a broader slowdown in digital advertising as companies in hard-hit industries such as travel cut their expenses and marketing budgets.

In its report, Forrester pointed to retail media benefiting from factors that include e-commerce adoption, the large budgets consumer packaged goods companies maintain for retail marketing, and the fact that more retailers are offering media platforms. CVS, for example, is said to be readying its own ad network, and Walgreens is testing digital displays on the doors of coolers in its stores.

Whether the shift of ad dollars toward retail continues may depend on how e-commerce fares as the pandemic plays out, and on advertisers’ willingness to move money out of Google and Facebook.

For now, at least, it’s another way that Amazon looks poised to emerge even stronger than before.

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