The macro picture
Blended CPA across the cohort rose quarter over quarter, continuing a multi-year trend as auction density increases. But the average hides the story — the gap between the best and worst accounts in each vertical grew faster than the average itself.
By vertical
Apparel and accessories saw the sharpest CPA increase, driven by seasonal competition. Home goods held flatter. Supplements and CPG stayed volatile, swinging with promotional calendars more than with any structural shift.
In every vertical, the accounts holding CPA flat or down shared one trait: they let bidding and budget pacing run continuously rather than adjusting weekly. The auction moves faster than a weekly cadence can react to.
What it means for you
Rising average CPA is not destiny — it is the cost of reacting slowly. The accounts beating their vertical were not spending more; they were reallocating faster. That is the lever AI pulls best.