Chief marketing officers are shrinking their budgets as optimism for marketing dwindles due to the state of the U.S. economy, according to a Sept. 13 survey conducted by Duke University’s Fuqua School of Business.
The survey includes responses from 273 marketing leaders at for-profit U.S. firms and was sponsored by Duke University's Fuqua School of Business, Deloitte LLP and the American Marketing Association.
Five things to know:
- Sixty-six percent of respondents said they were less optimistic about the third quarter of 2022 compared to the second quarter.
- Healthcare marketing executives were the most optimistic about the third quarter of 2022, with 63 percent saying the pandemic caused a boom in their business.
- Forty-two percent of marketing companies have cut their budgets, while 41 percent of companies said their budgets remain the same.
- Thirteen-percent of marketers reported making layoffs.
- Marketing spending comprised an average of nearly 14 percent of overall company budgets — an all-time high, according to the survey.