As the cost of living crisis deepens and an impending recession looms, there will undoubtedly be some serious conversations in board meetings about how and where those all important budgets will be spent.
“It’s going to be tough – tougher than before” – but among the Northern brands we contacted, there’s also an acknowledgement that now is not the time to be quiet.
Despite this, the latest IPA Bellwether Report predicts there could be four years of cuts to UK advertising budgets, with 13.4% of British companies reporting cuts to their budgets already.
The marketing world is bracing itself; after all, marketing budgets are often the first to be scrutinised when economic turmoil hits.
But will this have an impact on the way Northern companies manage marketing budgets and can brands afford to slash these budgets in an increasingly competitive world?
We got in touch with a number of brands, either established or with offices in the North, to find out whether tightening the marketing purse strings is on the horizon as costs continue to spiral.
