Average marketing budgets have fallen to 7.7% of overall company revenue, down from 9.1% in 2023

Budgets typically lag the economy, but can be a leading indicator of advertiser confidence.

This could be a leading indicator for smaller margins from coming price cuts too.

In the four years preceding the pandemic, average marketing budgets were 11% of overall revenue. In the four years since, they’ve dropped to an anemic 8.2%.

This is from a survey of CMOs, so a specific class of business.

via MarketingTech