- The document reviews past research on the effects of advertising through meta-analyses and adds new results from a meta-analysis of 397 studies from 2001-2010 on CPG and beauty products. - Prior research found average short-term advertising elasticities of 0.1-0.15 but results varied by product category and maturity. Long-term elasticities were estimated at 0.24-0.41. - The new meta-analysis found average incremental profits from all media of €120-200 million and that returns were highest when TV or print spending was over 30% but not both. TV elasticity increased with higher spending levels. - The conclusions were that more data access is needed rather than more meta