WARC has revealed that a strong majority (61%) of marketers expect business to improve across 2024, with brand marketing investment predicted to hit record levels.
According to WARC’s ‘The Voice of the Marketer 2024’, global marketing investment is set to increase 8.2% in 2024, topping US$1 trillion for the first time, with a concerted migration towards digital channels.
A further 64% of respondents indicated that for the second year running, the ongoing economic recession would have the biggest impact on strategies going forward, with 41% highlighting inflation and the cost-of-living crisis as the biggest challenges going in to 2024.
“The aim of this report is to offer more insight into what is top of mind for marketers moving into 2024, particularly around investment, media channels and measurement,” WARC senior analyst, Isabel Cleaver said.
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“A significant finding from our survey analysis is that while marketers are concerned about the impact of an economic recession, there is also a sense of optimism regarding the business climate and marketing budgets for 2024.”
Globally, around a third of marketers across Europe and North America expect their marketing budgets to increase next year (37% and 35% respectively). This is in contrast to a markedly more upbeat forecast from APAC respondent, half (50%) of which expected their budgets to grow next year.
Asahi Europe and International CMO, Grant McKenzie added: “Having been through a couple of these economically challenging times, you have to be very careful not to try to cut costs to the detriment of value… Marketers at these times have to be very careful not to change the strategy where it doesn’t need to change.”