Marketing executives say that their budgets have increased to 9.5 percent of total company revenue in 2022, The Wall Street Journal reported May 23.
This has risen from 2021 where the budget sat at 6.4 percent but is still lower than pre pandemic levels in which marketing executives were spending 10.9 percent of revenue between 2018 and 2020 according to a survey by Gartner.
Across almost all industries surveyed, marketing dollars went up in 2022 as companies began to bounce back from the pandemic. However, disruptions on the global scale like tensions with Russia and supply chain issues may hurt marketing budgets to come.
"We've seen this in previous years — marketing budgets are generally the first to be impacted in times of economic difficulty," said Ewan McIntyre, vice president analyst and chief of research for the Gartner for Marketers.