Retail Media’s Buffet Problem: Why Brands Are Losing Their Appetite (2026 Outlook)

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 AdsTimeline[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 eraLinks & ResourcesThe full 2026 P2PI Retail Media Ratings study is now available to Path to Purchase Institute members.Read my related articles:The Retail Media Doom LoopThe Retail Media Performance Gap Is Even Wider Than We ThoughtInside Best Buy’s first ad showcase as it makes a major play for retail media budgets (The Drum)Dollar General’s new media chief targets rural America’s ‘last mile’ ad opp (The Drum)Subscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn