Market Segments Impacted
Stuart Elliott, in a New York Times article on September 18th, was able to gather some instant summary data with regard to what impact the changing mood of consumers would have on advertising planning and spending.
CMR reported that categories particularly vulnerable included automotive, the largest, which typically accounts for 11.6% of annual American ad spending; financial services, about 6%; and travel and transportation, from airlines to lodging chains to car-rental companies, about 3.7%. David Peeler, president and chief executive at CMR in New York reported that these categories were already down for the year.
Other categories that may see declines, he added, are luxury goods; movies because of alterations to films and changed release dates; issue-advocacy and political advertising; and advertising by media companies.
Dan Rank, managing partner at OMD in New York, said that demand for advertising time and space was soft already because of the sluggish economy, so the process by which compensatory ads, known as make- goods, should proceed more smoothly than if the economy had been robust until last week.
You can read more at the New York Times site.