A report by market research platform Glow and Planning Dirty’ examined COVID’s impact on campaign budgets and marketing activities.
The survey reveals campaign budgets have reduced by an average of 25% across all industries, globally. There has been an average reduction of 11% in campaign activities and 15% in pitching activities by the companies.
Sectors dealing with human movement, socialising and entertainment have faced the deepest cuts in their budgets. While Tourism suffered a 75% cut, Hospitality saw a 42% cut in its campaign budget. Budgets in the automobile sector have also been slashed by half.
Agencies in sectors like Food, Beverages, Government, Finance and Retail are, however seeing more business opportunities and making more pitches during the pandemic. Planning Dirty’s Julian Cole said the report could help companies better understand their performance vis-à-vis their peers.
[4 minute read]