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US/UK marketers set to revise budgets in light of economic conditions
Date: 25/08/2008
A survey from the Association of National Advertisers released Friday indicates that US marketing budgets are following the same downward curve identified last month in the UK's Bellwether Report.
As with their British counterparts, US marketers are bracing themselves for a round of budget tightening, according to the ANA survey:
- Of the 87% already identifying cost savings, more than half believed their overall marketing budgets would be reduced between 1% and 10%;
- 27% thought their budgets would be reduced between 11% to 20%; another 10% of respondents fearing the worst, estimated cuts greater than 30%.
- Of those planning cuts 69% said they'll reduce media budgets; 63% said they'll reduce production budgets; 63% will pressure agencies to reduce expenses; 63% will restrict travel and other expenses; and 61% said they will eliminate or delay new projects.
ANA president/ceo Bob Liodice pointed out that marketers who had increased spending during previous recessions enjoyed more sustained growth when they emerged from the doldrums:
"It's a great opportunity to capture some shared market. Effective marketing spending during economic downturns is not about how much you spend, but also how you spend it."
Of more than eighty agency CEOs worldwide who participated in a survey conducted last month, 60% believe that economic conditions in their markets had worsened year-on-year. Over the same period, 65% thought that their regional economy had taken a turn for the worse.
Source: ANA.net, WARC.com
WFA collates data on global ad spend and media trends to help members understand market conditions and communications investment around the world. For more information please contact [email protected]
