Mar
15
With the financial world facing extreme crisis and various governments across the globe running frantically in what can merely be described as „blind panic”, one could easily be forgiven for joining the masses.
In whichever direction one looks, it is evident that all have adopted the same panic-stricken sing-song portraying a disastrous situation; falling property prices, increasing of consumer debt and above all, an overwhelming fear regarding the state of health of our global economy. However, when rational thoughts eventually take over our emotional alarms it is possible for us, considering the industry we operate in, to begin to realize that the future is not as dismal as we are making it out to be.
Undoubtedly, there is strong apprehension about recession and as a consequence, advertising budgets are being slashed. Furthermore, although many market leaders across the board have revealed their intentions to maintain marketing spend into the downturn, it is evident that from the research conducted by the Institute of Practitioners in Advertising (IPA) as well as other anecdotal data, budgets are undeniably being cut. Annual marketing budgets in the United Kingdom, for example, have been revised downward in Q3 to the highest extent ever recorded in the Bellwether Survey’s nine-year history.