Advertising

Ad Spend Growth Dims as CMOs Try to Keep the Lights On

The cost of living crisis has an impact on marketing budgets

An illustration of a person trying to climb up a bar graph — U.K. marketers are feeling negative about the prosperity of the entire industry.Klaus Vedfelt/Getty Images

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Soaring energy bills, squeezed interest rates, a cost of living crisis and global geopolitical uncertainty are having a significant impact on the money chief marketing officers have at their disposal.

According to the U.K’s Institute of Practitioners in Advertising (IPA) quarterly Bellwether ad spend report, marketing budgets grew at their slowest rate since 2021 in the three months to October.

In Q3 of 2022, a net balance of 2.1% of the U.K.’s top 1,000 companies increased their ad spend.