…and not quite in a good way.
The majority of advertisers surveyed by World Federation of Advertisers claim budgets are under “heavy scrutiny” as financial concerns demand more justification of spend.
Glass half…what: Nearly 30% of surveyed marketers—which include five of the world’s top 10 biggest advertisers—are planning to cut their budgets.
Sounds grim, but behold the optimists. The same percentage of respondents claim that they intend to increase ad budgets, with the remaining 40% plan to leave budgets intact.
According to study, both increases and decreases won’t go further than the 10% mark.
The salvation is…online? Maybe, as 45% respondents say they’ll move away from traditional media including TV, radio, and print and invest more in digital advertising, with greater flexibility and measurable performance cited as the main reasons.
Why we care: Because next year points out to marketing smarter. Big advertisers cutting budgets will open more opportunities for smaller advertisers.
However, with most advertising moving online, the competition may be fierce.