[eMarketer] Marketing leaders adapting to economic uncertainty
A new Insider Intelligence study finds senior marketing leaders are somewhat optimistic about their fortunes in 2023—while simultaneously realizing they will need to shift priorities and embrace agility.
In terms of their personal outlook for the US economy in 2023, a plurality (43.5%) of the 177 leaders surveyed expect GDP to start to rise; 27.0% expect it to stay the same; and 22.6% expect it to slow but avoid a recession. Only 7% expect a mild or deep recession.
A hazy economic outlook and increased uncertainty have forced marketers to become more nimble than ever and adjust their strategic plans.
Given signs of economic slowness in the US, marketers are looking to implement a number of changes in the next six months:
Nearly half (48.6%) are planning to reduce the amount they spend with outside agencies, with 35% saying they’ve already done so.
eMarketer is of the opinion that uncertainty has forced marketers to become increasingly agile and pivot on the fly—but they’re also leaning into what works.