{"id":21192,"date":"2024-05-20T18:52:49","date_gmt":"2024-05-20T18:52:49","guid":{"rendered":"https:\/\/mysourcefunding.com\/?p=21192"},"modified":"2024-05-20T18:52:50","modified_gmt":"2024-05-20T18:52:50","slug":"marketing-budgets-have-been-shrinking-in-recent-years-report-says","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=21192","title":{"rendered":"Marketing budgets have been shrinking in recent years, report says"},"content":{"rendered":"

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Marketing Brew informs marketing pros of the latest on brand strategy, social media, and ad tech via our weekday newsletter, virtual events, marketing conferences, and digital guides.<\/p>\n<\/div>\n<\/div>\n

Marketing budgets aren\u2019t what they used to be.<\/p>\n

As a percentage of company revenue, they\u2019re down 15% from 2023 to 2024 on average, according to Gartner\u2019s CMO Survey, which was conducted from February through March among 395 marketing decision-makers in Europe and the US.<\/p>\n

Though marketing budgets have yet to return to pre-pandemic levels, CMOs are feeling optimistic on at least one front: everyone\u2019s favorite two-letter initialism: AI.<\/p>\n

Tightening purse strings?<\/strong> Marketing budgets represent an average of 7.7% of total company revenue this year, down from an average of 9.1% last year, according to the survey. In 2023, that number fell just slightly from 9.5% in 2022, when it rebounded from 6.4% in 2021, a pandemic-era low. The decline represents a new \u201cera of less\u201d for marketing, per Gartner:<\/p>\n