This year has been another volatile one. While inflation is now slowly falling, it’s still not decreasing as much as economists initially predicted, prompting the Bank of England to raise interest rates again. The toxic mix of the rising cost of borrowing, prohibitive bills for many and still brittle consumer confidence means many companies have looked very carefully at what they are able to do, with marcomms spend under scrutiny.
Big budget cuts aren’t expected among major advertisers next year, but with a recession taking hold, marketers will be under pressure to work their budgets as hard as possible.
GroupM is predicting UK ad spend to grow 4.8% in 2023, ahead of the forecast laid out by the AA and WARC last month.
Inflation in the UK fell to 8.7% in April, but this is unlikely to translate to confident consumers or companies just yet.
The outgoing Channel 4 CMO will join ad agency M&C Saatchi in May.
Career and Salary Survey data also reveals 40.2% of those working in marketing are aged between 26 and 35-years-old.
Only 27% of Gen X marketers feel more secure in their jobs than a year ago compared to over half of their Gen Z colleagues, according to Career and Salary Survey 2024.
WK Kellogg Co’s chief growth officer claims the company’s new marketing model will drive effectiveness and efficiency.