I start this episode with a story from a breakfast buffet in Taipei that was so over-the-top indulgent it felt surreal. Sushi, dim sum, pastries worthy of Paris. But by day four? I suddenly became picky, critical, and began to calculate value. And in my opinion, this is the mode of retail media today.

In this episode I unpack how hedonic adaptation explains the shift we’re seeing in retail media investment heading into 2026. The early excitement is gone, budgets are tightening, and brands are asking harder questions about performance, transparency, and whether the premium is actually justified. Drawing on fresh data from the Path to Purchase Institute, I break down what’s changed, where skepticism is growing, and what both brands and retail media networks need to do next if they want to avoid getting stuck in the middle.

This episode is sponsored by Mirakl Ads

Timeline

[00:00] – A luxury breakfast buffet in Taipei and the moment it became a metaphor for retail media

[01:08] – Hedonic adaptation and why retail media’s novelty has officially worn off

[02:16] – New 2026 data shows slowing budget growth and rising skepticism among brands

[03:30] – The Retail Media Doom Loop and how reallocating trade dollars hit its limit

[04:06] – The confidence gap: why more brands now see retail media as a money grab

[06:27] – Measurement, attribution, and the networks proving accountability is possible

[08:12] – The real takeaway for brands and RMNs as retail media enters its value era

Links & Resources

The full 2026 P2PI Retail Media Ratings study is now available to Path to Purchase Institute members.
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