Among talks of an economic recession, around one-third of global brands planned cuts in their media budget in 2023. According to the survey, reductions in advertising and marketing expenditures are more likely to happen in Europe, the Middle East, and Africa, with 32.5 percent of the respondents in the region planning to slightly or significantly decrease their budgets compared to 2022. In the Asia Pacific, roughly 15 percent of the respondents reported intending to lessen investments in advertising and marketing.
Share of selected global brands planning cuts in the media budget in 2023, by region
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* The respondents' count varied by region: 40 in Europe, the Middle East, and Africa; 36 in Latin America; 34 in North America, and 34 in Asia Pacific.
Slight decrease in media budget corresponds to cuts between zero and 10 percent; Significant decrease corresponds to cuts above 10 percent.
The source does not specify the date of the survey. The date provided is the release date.
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Adweek. (October 12, 2022). Share of selected global brands planning cuts in the media budget in 2023, by region [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1338949/expected-cuts-ad-spend-global-brands/
Adweek. "Share of selected global brands planning cuts in the media budget in 2023, by region." Chart. October 12, 2022. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1338949/expected-cuts-ad-spend-global-brands/
Adweek. (2022). Share of selected global brands planning cuts in the media budget in 2023, by region. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1338949/expected-cuts-ad-spend-global-brands/
Adweek. "Share of Selected Global Brands Planning Cuts in The Media Budget in 2023, by Region." Statista, Statista Inc., 12 Oct 2022, https://www.statista.com/statistics/1338949/expected-cuts-ad-spend-global-brands/
Adweek, Share of selected global brands planning cuts in the media budget in 2023, by region Statista, https://www.statista.com/statistics/1338949/expected-cuts-ad-spend-global-brands/ (last visited July 22, 2024)
Share of selected global brands planning cuts in the media budget in 2023, by region [Graph], Adweek, October 12, 2022. [Online]. Available: https://www.statista.com/statistics/1338949/expected-cuts-ad-spend-global-brands/
