Mostly local businesses and large multinational brands.
With local companies, smaller ones go for cheaper advertisement – newspapers, radio, branding local shops, brochures handed by students.
TV and billboards are both expensive and there’s little to no targeting. They are suitable for large brands that sell at scale and can hypothetically monetize the vast majority of their audience.
Some seasonal campaigns may justify investing in TV or billboards every now and then. Cold and flu drugs sell really well on TV over the winter. Large supermarkets invest more before Black Friday or Christmas (thanks to the shopping craze).