MARKETING OUTLOOK

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

By our News Team | 2023

While marketers in many countries are worried about a recession, there is also optimism regarding the business climate and marketing budgets.

Warc has released a new report titled ‘The Voice of the Marketer 2024’ that says most marketers (61%) are optimistic and expect business to be better next year than the current year.

 

With global marketing investment set to increase by 8.2% in 2024 to top US$1-trillion for the first time, as per estimations by Warc Media, the report also illustrates the ongoing investment trend towards digital channels. 

Marketing Outlook

Photo by Campaign Creators on Unsplash

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.

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.