According to a new report by WARC, 61% of marketers are optimistic about the future of investment in brand marketing.
The Voice of the Marketer 2024 report revealed that the majority of marketers expect business to be better in 2024 compared to 2023. In addition, WARC Media says that global marketing investment is set to increase 8.2% in 2024 to top $1trn for the first time.
Despite the optimistic outlook, economic concerns are still top of mind for marketers, with 64% indicating that economic recession will have the biggest impact on marketing strategies in 2024.
Isabel Cleaver, Senior Analyst, WARC, said: ‘The aim of this report is to offer more insight into what is top of mind for marketers moving into 2024, particularly around investment, media channels and measurement.
‘A significant finding from our survey analysis is that while marketers are concerned about the impact of an economic recession, there is also a sense of optimism regarding the business climate and marketing budgets for 2024.’
The key findings outlined in The Voice of the Marketer 2024 are based on a survey analysis of 1,400+ marketers worldwide. The most optimistic are those in APAC, with 50% expecting budgets to grow in 2024, while North America is less so, with 35% expecting budgets to be higher next year.
The report also revealed that investments in digital channels, especially online video, are expected to grow. TikTok and YouTube are the platforms expected to receive the biggest increases in marketing spend in 2024, while 31% expect to decrease investments in X in 2024 — the highest decrease observed over the past three years.
Featured image: WARC AI Image / The Voice of the Marketer