DURHAM – Companies are cutting way back on increases in spending for marketing, according to the latest Chief Marketing Officer Survey from Duke’s Fuqua School of Business, the American Marketing Association and Deloitte.
Citing costs of inflation, yearly growth in marketing spend will decline to 2.9% this year – down frommore than 10% in the previous survey which is conducted bianually.
The CMO Survey included results from more than 300 executives.
“Companies tend to cut back on marketing in periods of economic uncertainty,” said Christine Moorman, the T. Austin Finch, Sr. Professor of Business Administration at Duke University’s Fuqua School of Business. “This general tendency should be tempered with an understanding of the cost to reaching consumers and what competitors are doing. In fact, inflation may be a chance to leap ahead if others pull back.”
