According to a recent survey of advertisers by the World Federation of Advertisers (WFA), nearly 30% of respondents are planning to cut their ad budgets. This is in response to increasing financial concerns and the need to justify ad spend. The WFA surveyed marketers from five of the world’s largest advertisers, and the results paint a grim picture for traditional media.
The Results of the Survey
The WFA surveyed marketers from five of the world’s top 10 biggest advertisers, and the results are not encouraging for traditional media. Nearly 30% of respondents said they plan to cut their budgets, with 45% saying they’ll move away from TV, radio, and print and invest more in digital advertising. The remaining 40% said they plan to leave budgets intact.
The digital shift is being driven by a number of factors, including the flexibility and measurable performance of digital advertising. And it’s not just big advertisers who are making the switch; smaller companies are also moving away from traditional media and investing more in digital.
The survey results indicate that traditional media is under pressure as advertisers shift their budgets away from TV, radio, and print and invest more in digital advertising. While some advertisers are cutting their budgets, others are increase their ad spend. However, both groups said they won’t go beyond a 10% increase or decrease. Digital advertising is seen as more flexible and effective than traditional media, which is why it is becoming the preferred choice for many companies.
