Major multinationals are continuing to hold back advertising spend by six months with more than 40% deferring campaign spend according to WFA’s Covid-19 Response Tracker.
That’s the same level of deferral as the WFA’s previous data released in May, reflecting the fact that the world’s largest companies continue to be wary of returning to the old normal, even as lockdown restrictions are lifted in many countries.
The vast majority (78%), however, do now have response campaigns live up from just 32% in March when the WFA conducted its first Covid-19 Response Tracker research. While such campaigns do stop brands from going “dark” during the crisis they also tend to involve smaller advertising investments than what was originally planned at the start of the year.
The results for Wave III of the Covid-19 Response Tracker are based on responses from 35 major advertisers across more than eight key sectors with a cumulative total annual ad spend of $65bn.
The survey will disappoint those looking for a quick bounceback in ad spend as markets start to open up. Wave II of the WFA’s Covid-19 Tracker found that large multinationals expect 2020 ad spend would be down by 36% globally.
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