61% of marketers expect business to improve in 2024 - WARC Report

Despite genuine concerns about the economy, the majority of marketers (61%) are optimistic and anticipate that business will be better next year than it is now, according to The Voice of the Marketer 2024, a new survey issued recently by WARC.

According to WARC Media, worldwide marketing investment is expected to rise 8.2% in 2024, surpassing $1 trillion for the first time. The data demonstrates the continuous investment trend towards digital media. However, when it comes to measuring marketing spending, more than a fifth (22%) of marketers use no modelling in their evaluation procedures.   

"The goal of this report is to offer more insight into what is top of mind for marketers moving into 2024, particularly around investment," says Isabel Cleaver, Senior Analyst at WARC.

“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.” 

The key findings outlined in The Voice of the Marketer 2024 based on survey analysis of 1,400+ marketers worldwide are: 61% of marketers are optimistic despite economic worries.

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.

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 APAC expect budgets to grow next year.

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

Grant McKenzie, Chief Marketing Officer - Europe and International, Asahi, says: “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.”