Economic concerns, violence around the world and an uncertain election – that’s how we’re starting 2024. Despite all of that marketers are being optimistic heading into 2024 than years past, according to WARC’s “The Voice of the Marketer 2024” report. So optimistic that the overall global marketing investment is projected to increase 8.2% in 2024 to top $1 trillion for the first time.
“A significant finding from our survey analysis is that while marketers are concerned about the impact of an economic recession, there is also a sense of optimism regarding the business climate and marketing budgets for 2024,” Senior WARC Analyst Isabel Cleaver said.
For the second consecutive year, 64% of marketing executives indicated that a possible economic recession would have the biggest impact on marketing strategies in the new year, while 41% cite inflation and the cost-of-living crisis as the biggest challenges ahead in 2024.
So where are marketers planning to spend their budgets in 2024?
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