Marketing executives are less optimistic about the financial prospects of their companies and industries than three months ago, according to the Marketing Week/Institute of Practitioners in Advertising (IPA) Bellwether Optimism Survey.
The number of companies reporting that they were less optimistic than three months ago outnumbered those reporting increased optimism by almost 7%.
Factors such as interest-rate hikes, slower growth in the US, domestic housing market issues and the recent financial sector turmoil are thought to be to blame.
The downturn in business confidence could lead to reduced marketing spend growth and a reduction in annual marketing budgets.
The MW/IPA Bellwether Confidence Index