Monthly market pulse

Search CPC: 0.44€
-4% MoM
 

After popping to 0.46€ in June, Search CPC has eased back to 0.44€. The "Search picks up the slack" story we flagged in June hasn't hardened into a trend: one month up, one month back down. 

Standard Shopping CPC: 0.36€
-5% MoM

The cooldown continues. Standard Shopping CPC is down from 0.38€ to 0.36€, extending the calming trend we've been tracking as last year's PMax and Shopping surge unwinds. At 0.36€, Shopping is the cheapest click of the bunch.

Shopping Conversion Rate: 3.03%

-30% YoY 2-week downturn

The trend just flipped. After running roughly +40% YoY for many months, Standard Shopping conversion rates flattened to roughly 0% YoY in April and May, before tipping negative in late June—down 25% YoY in Week 25 and 35% in Week 26. Because these are like-for-like weekly YoY comparisons, this isn't just summer seasonality; it's a genuine step down versus 2025, and it's steepening. (Note on timing: we're reading late June even though it's August, since conversions need weeks to fully attribute—this is our most recent stable window.) Two weeks isn't a verdict, but a swing from +40% to −35% is too sharp to ignore—and it echoes the sub-prior-year weakness we've already flagged in Search.