The Q3 2023 Bellwether Report reveals a dynamic landscape in marketing budgets. Notably, marketing efforts to protect brands and leverage competitor hesitancy have supported budget expansions. Main media marketing budgets have surged, marking the strongest growth since Q1 2021. While overall business confidence remains low due to a gloomy economic outlook, companies express more optimism about their own prospects. Events have continued to see budget growth, along with direct marketing and public relations.
However, spending cuts were observed in other marketing areas, and a renewed reduction in sales promotions spending. The report indicates a nuanced response to the challenging economic environment, with companies focusing on brand-building and engagement with clients and prospects.