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.
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