Interactive Advertising Bureau’s recent research compares the impact of COVID-19 on 2020 U.S ad budgets and 2008 financial crisis.
This piece states that three-quarters of media buyers think coronavirus pandemic’s impact would be worse than the 2008 financial crisis for the US ad market. The research further found out of that 74%, the majority think the pandemic would have a “significantly more negative impact” than the financial crisis.
The article states the digital ad spending in the U.S. is currently down 33% and the traditional media spend is down 39%. Majority of media buyers have already made changes to their ad spending activities.
42% of media buyers are increasing mission-based marketing, while 41% of them are increasing cause-related marketing. 65% of them are also looking for quarantine status as their top milestones to recalibrate their budgets in the future.
[2 minute read]