Three-fifths (62%) of brands say they will decrease their investment in brand advertising in the coming months, according to the latest survey of brands across the world from Ebiquity, conducted in May.
Just 16% of brands surveyed said they will be investing more in brand advertising, with one-fifth (22%) reporting no change. Brand-building was expected to get more attention from marketers this year but the novel coronavirus (COVID-19) outbreak and an incoming economic recession has forced brands to refocus on short-term survival.
Performance advertising has also seen a steep hit, with 41% of brands cutting investment and just 10% reporting an increase. Overall, advertising spend is now expected to drop by 8.1% – or $50bn – this year.
Instead, brands have shifted their investment to e-commerce. One-third (32%) report more spending on e-commerce, the highest share across all seven business areas. This shouldn’t be surprising given the surge in online shopping – half of all consumers plan to shop online more after COVID-19 ends.
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