Good morning advertising! It’s the start of another work week and Stuart Elliott of the Times has kicked it off with a bit of doom and gloom. His Monday article, titled “Advertising In Scary Times” (oogie-boogie!) focuses on layoffs and is filled with quote from all the big CEOs. Here’s Michael Roth, chief executive at the Interpublic Group of Companies:
“The volatility in the financial markets is clearly creating uncertainty for both marketers and consumers.”
Marty Sorrell’s two cents:
“The scale and the speed of all that have shaken people’s confidence,” and it could affect attitudes “for the rest of the year going into next year.”
David Sklaver, president at KSL Media, a media planning and buying agency:
“Right now, there are nothing but question marks.”
Okay, the bottom line that Elliott is getting at is what we and numerous other blogs have been mentioning: that with consumer confidence so low, luxury goods facing a declining demographic and financial brands in trouble – the advertising industry needs to be diligent and effective. Lay-offs may happen, they may not. It may be harder or it could get harder.
Sigh. It’s going to be bumpy. Hold on to your hats.