Following up on numbers yesterday showing almost half of marketers expect more money going into their budgets, we today see even more optimism with a WARC report showing 61% of marketers expecting business to improve in 2024, even as 64% say economic recession will make the biggest impact on their strategies.
“Despite very real concerns about the economy, the majority of marketers around the world are optimistic and expect business to be better next year than this,” says the WARC article about its larger The Voice of the Marketer 2024 report. “It would also appear that more marketers understand that maintaining or even increasing investment in brand marketing can be effective in navigating economic downturns.”
The report says there will be increased investments in online video, social media, and mobile, with TikTok and YouTube receiving the biggest increases.
“The advice to marketers is to diversify media investments and monitor new opportunities whilst safeguarding a brand’s reputation,” says WARC, which expects ad spend to grow 8.2% globally and exceed $1 trillion for the first time.