Businesses are feeling more optimistic this quarter, according to the CMO Survey from Deloitte. The Marketer Optimism Score, which measures sentiment on a scale of 0 to 100, has gone from 58.3 in the spring to 66.5 currently. B2C Services companies reported the highest rate of optimism, with 72% feeling more positive about the economic outlook.
However, inflationary pressures are still leading to a decrease in marketing spend levels, with 45% of companies reporting a decrease. The percentage of companies who reported “no impact” has risen from 31% to 38% over the same time period. Marketing budgets have dropped near to pre-Covid levels, with marketing expenses accounting for 10.6% of company budgets and 9.2% of sales revenues currently.
It is encouraging to see marketer optimism on the rise despite the economic pressures. However, businesses must remain mindful of the impact of inflation on marketing budgets. Are marketers’ new attitude a reflection of a new normal? Only time will tell.
Originally reported by Martech: https://martech.org/marketers-more-optimistic-even-as-budgets-fall/
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