Marketers Adapt Their Holiday Campaigns To The Chilly Economic Climate
Advertisers are shifting their holiday campaign strategies this Black Friday and Cyber Week, moving down the funnel in response to economic headwinds.
Marketers Adapt Their Holiday Campaigns To The Chilly Economic Climate
Prices are up, consumer spending is down and supply-chain issues persist against a backdrop of runaway inflation – a top concern for shoppers as they stock up on holiday gifts. Not to mention there’s a looming recession predicted for 2023.
Marketers Adapt Their Holiday Campaigns To The Chilly Economic Climate
Consumers are feeling the pinch of cost-of-living increases for everything from housing to Thanksgiving dinner. On average across the US, turkeys cost 50% more this year than they did in 2021. Budget-conscious buyers are beginning to value bargains over brand loyalty.
Marketers Adapt Their Holiday Campaigns To The Chilly Economic Climate
It’s therefore no surprise that marketers are zeroing in on measurable media and prioritizing lower-funnel customer conversions. In tough, uncertain times, building brand awareness often falls to the wayside.
Marketers Adapt Their Holiday Campaigns To The Chilly Economic Climate
More than one-third (35%) of advertisers surveyed by Advertiser Perceptions in October cut down on their 2022 ad spend because of economic forces such as inflation. Of that group, the majority (54%) pulled back spending from targeted linear TV, with 31% opting to pare down their traditional out-of-home (OOH) investment and 26% pulling back on their social media spend.
Marketers Adapt Their Holiday Campaigns To The Chilly Economic Climate
Still, most of the buyers Advertiser Perceptions spoke with said they hoped to restart their spending on linear TV and OOH platforms for the holidays – a nod to the vital nature of the festive season for marketers. All hail Q4.
Marketers Adapt Their Holiday Campaigns To The Chilly Economic Climate
But we decided to ask the experts ourselves: How are inflationary and recessionary worries impacting media plans around Black Friday and Cyber Week?
Marketers Adapt Their Holiday Campaigns To The Chilly Economic Climate
Shaun Brown, EVP, commerce, Tinuiti
Kassi Socha, director analyst, retail, Gartner
Amy Burrows, senior account director, client services, Goodway Group
Shaun Brown,…
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