Despite Economic Uncertainty, Now Is the Time to Invest in Advertising

By Brian Mulderrig

In the face of economic uncertainty, rising inflation, and smaller advertising budgets, many agencies and brands are understandably hesitant to invest in advertising. However, the reality is that advertising is still an essential tool for building brand awareness, driving sales, and growing a business.

Forbes reported that although the U.S. advertising market is expected to grow by 5.9 percent in 2023, this figure is significantly lower than the 9 percent growth seen in 2022. Numbers presented by Arete Research at this years’ AdExchanger Industry Preview predicted an even grimmer outlook, forecasting ad spend declining by 8 percent (-5 percent for digital). This lower ad spend can be attributed to several factors, but most commonly discussed is the looming economic uncertainty that has sparked massive tech layoffs and tighter marketing budgets across the industry.

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Courtesy of Association of National Advertisers