Marketing budgets are all but flat, but chief marketing officers are being tasked with juggling investments marked for media, creative and AI on the same departmental balance sheet, according to Gartner.
Advertisers currently spend 7.8% of company revenue on marketing on average, a paltry increase of 0.1% compared with last year, according to the company’s annual CMO Spend Survey of more than 400 marketing leaders in North America, the United Kingdom and Europe.
Ewan McIntyre, vp analyst and chief of research at Gartner, said that single figure percentage budgets were “the new normal” for advertisers following the end of the pandemic-era spending boom.
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