Despite increasing uncertainty about the economy coming out of 2022, the vast majority of ad executives planned to either keep their 2023 ad budgets the same (54%) or increase them (30%), according to findings of a study conducted by Advertiser Perceptions.
Only 10% of the 300-plus advertisers and media agency executives surveyed in December 2022 said they planned to reduce their 2023 ad budgets, while 6% said they were not sure.
Interestingly, advertisers indicated they were more optimistic about their "business climate" for the first quarter of this year than agency executives.
While 37% of all respondents said they were more optimistic about their business in the first quarter, advertisers were 21% more optimistic than their agency counterparts.
In terms of expectations for their media mixes, 59% of ad execs said they planned to shift to "higher-performing" media, while 38% said they were shifting toward ad strategies that generate customer loyalty.
Other major shifts highlighted in the findings include: