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Veteran CMOs are familiar with the following scenario: The economy wobbles, companies consider cutting their marketing budget, marketers protest, industry groups produce reports showing why companies shouldn’t do that, then companies more or less do it anyway.
Well, as 2023 begins, marketing budgets are under pressure once again. GroupM, WPP’s media buying business, and Magna, IPG’s intelligence unit, have each lowered their 2023 U.S. ad spend forecasts. According to a recent global survey from marketing intelligence firm WARC, 2 in 3 marketers expect a recession will have a significant impact on their strategy.