customer loyalty is very important for a company in long run, which might be hampered if the companies use deceptive advertising.
With the rise of digital advertising and the change in consumer behavior that points towards doing your own research about the products before making the decision to buy, using deceptive advertising has fallen as an effective way to get people to buy your product. If what you are advertising is not true, people will find out. That said, it is still very much used, especially for products that are not usually bought on-line or that require making a big decision in order to buy them. Regular, day-to-day use or buy products will still use deceptive advertising nowadays but it is likely that as long as consumer behavior keeps changing like it is right now, it's effectiveness and therefore usage will keep falling.
Maybe this helps:
Jones, Thomas O., and W. Earl Sasser. "Why satisfied customers defect." Harvard business review 73.6 (1995): 88.
Olson, Jerry C., and Philip A. Dover. "Cognitive effects of deceptive advertising." Journal of Marketing Research (1978): 29-38.
Craswell, Richard. "Interpreting deceptive advertising." BUL Rev. 65 (1985): 657.
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