2023 Media Budgets flash survey results
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2023 media budgets are hit hard by the recessionary climate, much more so than previously estimated by analysts. As brands will aim to achieve more with less, we increase our efforts to drive smart savings by cutting ineffective and wasteful spend first.
Marketing and advertising budgets are coming under increasing pressure and heavy scrutiny from finance directors in the volatile and unpredictable 2022 marketplace, according to new research. Nevertheless, some of the world’s biggest brands remain committed to maintaining planned investment despite the threat of recession in many markets.
A new study from the World Federation of Advertisers (WFA) and Ebiquity assessed the intentions of 43 multinational companies. The sample included five of the world’s top 10 advertisers by spend, which collectively invest more than $44bn in advertising.
WFA and Ebiquity partnered to generate insights into the 2023 media budgeting cycles and the expected impact of recessionary market conditions.
These WFA and Ebiquity survey results show that budgets are under pressure and there are signs of retrenchment into short-term performance channels at the expense of brand building. But it is encouraging to see that a number of clients are planning on standing firm and taking heed of the well-taught lessons which show that that those who emerge from recession stronger, are those that continue or increase ad spending.
As brands are required to achieve more with less in 2023 to optimise the value of their investments, it makes sense to review expenditure and cut ineffective and wasteful spend first. Indications of expected actions taken by leading advertisers to mitigate risk during uncertain times will be crucial to drive better media investments.