It appears that many consumers think we are (or will be) in a recession and so, are reevaluating their spending habits. This suggests that advertisers should start thinking about their strategies going forward.
In a new survey by Variety and Morning Consult, about half of consumers say they will reduce entertainment spending if there is a recession.
Budgets have risen to 9.5% of total company revenue in 2022, according to the annual CMO Spend Survey by research firm Gartner, Inc.
IRI’s Michael Tscherwinski addressed the challenges marketers are facing due to supply-constraints and provided a best-practices playbook for unlocking opportunities. IRI’s 2022 outlook on product availability predicts continued challenges. Inflation, supply chain issues, as well as the war in the Ukraine, impact the operations of CPG companies. Category out-of-stock conditions are widespread, and many CPGs are pausing media. However, Procter & Gamble, one of the largest advertisers in the world, stated that it would continue to invest in marketing.
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Consumer behaviors have changed dramatically creating new challenges for brands and their marketing measurement. During this Insights Studio, we explored the measurement challenges brands have faced in the wake of significant consumer changes. We also discussed best practices brands should be using to ensure their marketing measurement is set up for future success as consumers continue to react to major societal change. Executives from OptiMine, an agile marketing analytics provider, Kepler, a global digital agency, and Beachbody, an innovative health and fitness company, shared their observations on how changes in consumer shopping and media consumption behaviors have been reflected in marketing measurement.
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How long can large- and medium-size brands, with stable sales histories, afford to halt broad-reach advertising? The answer, according to a new study, is about two years before sales and market share start to shrink. Those brands are the exception. Previously declining brands, especially small ones, will see sales drop even further when going dark for a year.
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