# Macro-Trend Analysis: Ad Engagement vs. Purchase Intent
## Engagement Outpaces Intent
- The “Window Shopping” Effect: Shopping and PMax campaigns show YoY CTR growth (Shopping nearing 2%, PMax 1.6%), yet Conversion Rates (CVR) remain flat or depressed YoY. This challenges the assumption that higher engagement yields proportional sales, indicating a prolonged consideration phase where users click to compare prices but hesitate to buy.
## The Mobile-Desktop Divide
- Browsing vs. Buying: Device splits perfectly contextualize the campaign charts. Mobile dominates CTR (consistently >2%) but lags in conversions. Conversely, Computers command the highest CVR (~5-6%) despite the lowest CTR. Consumers are utilizing mobile for top-of-funnel discovery but migrating to desktop for secure financial transactions, emphasizing a fragmented, multi-device conversion journey.
## Campaign Divergence & Funnel Shifts
- Visuals Over Text: PMax and Standard Shopping maintain robust engagement due to highly visual, automated placements capturing mid-funnel intent. In stark contrast, Search CTR plummeted in the latter half of the year (dropping from 17% to 12%), accompanied by a severe YoY CVR decline. Search is losing its traditional bottom-funnel dominance as users favor visual shopping experiences.
## External Market Drivers
- AI Overviews & SERP Evolution: The sharp decline in Search CTR aligns with the widespread rollout of AI Overviews, which satisfy user queries directly in the SERP. This increases zero-click behavior and pushes traditional text ads further down the page.
- Algorithmic Dilution: PMax’s aggressive cross-network inventory expansion inflates CTR through top-of-funnel placements (e.g., Display/Video), explaining the stagnant CVR despite rising clicks.
- Economic Friction: Across all campaigns, the universal YoY drop in CVR reflects macroeconomic inflation pressures, forcing users to click more ads to hunt for deals before committing to a purchase.