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Global brands to freeze ad spend for at least 6 months amid Covid-19 crunch

Large global brands are to cut ad spend harder – and for longer – in response to the coronavirus pandemic, according to fresh research from the World Federation of Advertisers (WFA). 89% of large multinational companies have deferred marketing campaigns this month, up from 81% in March, found data from the trade body’s Covid-19 response tracker. 52% of marketers at these companies said they’ll now hold back ad spend for six months or more, compared to just 19% who mulled taking similar medium-term action last month. The WFA’s research was conducted in the last full week of April and attracted responses from senior marketers in 38 companies across 17 sectors with a total annual global spend of $46bn. 61% of respondents held global positions, with 39% in regional roles. The data gives some insight as to what lies ahead for the remainder of the year as the industry grapples with the possibility of an ad recession.

Read more at:
https://www.thedrum.com/news/2020/05/13/global-brands-freeze-ad-spend-least-6-months-amid-covid-19-crunch

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