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News in a Number: Marketers Are Thinking Twice About Marketing During COVID-19 Outbreak

2 min read
Apr 6, 2020
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86% 

Portion of UK marketers that are delaying or reviewing marketing campaigns, according to a recent survey by Marketing Week and Econsultancy

This number is up from 55% three weeks ago. The reduction in ad spending will hit ad publishers hard, from Google and Facebook all the way to local newspapers.

Despite the current restrictions, it's clear that consumers are still spending. Consumer confidence has fallen, but as of March, it was measured to be much higher than during the economic crisis of 2008-2009. Walmart and Amazon are hiring to meet added demand, for example.

Many businesses are trying their best to keep at least some campaigns going. Nate Checketts, CEO of men's activewear seller Rhone, is determined to keep marketing and selling during the crisis. He explained his point of view recently in an interview on the Modern Retail podcast. "If businesses start to say, 'Don't market'… we're creating a self-fulfilling prophecy… customer demand is going to drop even further because, let's face it, marketing works." He went on to say that this doesn't mean business as usual, "I strongly believe we can communicate appropriately… we understand if you're tightening your wallets."

Delays in campaigns could be marketers’ prediction that consumption and consumer confidence will decrease even further. It's a painful reminder of how much the health of the economy depends on the optimism and will to participate of all those involved, from businesses to consumers.

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