More than 60% of global marketers optimistic about business in 2024

However, when exploring measurement techniques for marketing investment, more than a fifth (22%) of marketers employ no form of modelling in their evaluation processes.

“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,” states Isabel Cleaver, Senior Analyst at Warc.

For the second year running, two-thirds (64%) of marketers indicated that economic recession is seen to have the biggest impact on marketing strategies in 2024, with 41% highlighting inflation and the cost-of-living crisis as the biggest challenges they face over the next 12 months.

Sixty percent say budgets will improve

Yet almost two-thirds of marketers (61%) expect that business will improve in 2024 and 41% believe that marketing budgets will increase next year. 

In Europe and North America, just over a third expect budgets to be higher in 2024 (37% and 35% respectively). In contrast, half of marketers (50%) in the Asia-Pacific region expect budgets to grow next year.

It appears that more marketers understand that maintaining, or even increasing, investment in brand marketing can be effective in navigating economic downturns.

Comments Grant McKenzie, Chief Marketing Officer for Europe and International at alcoholic beverage business Asahi: “Having been through a couple of these economically challenging times, you have to be very careful not to try to cut costs to the detriment of value … Marketers at these times have to be very careful not to change the strategy where it doesn’t need to change.”

The report is part of Warc Strategy’s programme titled ‘The Evolution of Marketing’, which is designed to help marketers address major industry shifts to drive effective marketing. A third report, ‘The Future of Media’, will be released in January.