Selbyville, Delaware According to the research report titled ‘Global Covid-19 Impact on Marketing & Ad Spending Market Size study, by Type (Online Marketing & Advertising, Offline Marketing & Advertising), Category (Direct Marketing, Branding, Social events, Third party marketing & Advertising), End User (Automotive, FMCG, Consumer Electronics, Cosmetics, Real Estate, Others) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, Covid-19 impact on marketing & ad spending market will result in sluggish growth during 2020-2027.
Rising prevalence of Covid-19 has caused nationwide lockdown and temporary shutdown of businesses across the globe, having a negative effect on industry as per the global Covid-19 impact on marketing & ad spending market report. Credible sources cite that the Association of Advertising Producers (ASAP) which represents major part of the advertising sector in India, has made an announcement to temporarily terminate all the ongoing marketing and advertising activities. The move also halted all the shoots for a short period, hampering the overall industry outlook.
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According to the survey conducted by Influencer Marketing Hub, 69% of the domestic and multinational companies in developed as well as emerging countries have decided to lower their advertisement budget in 2020. Further, 74% of the organizations have slowed down their digital marketing and social media advertising, due to uncertainty in business and restrained returns for the company amidst the pandemic. Hence, unpredictability in the industry sphere and consequent measures taken by players to stand their ground will arrest the overall remuneration, indicating significant Covid-19 impact on marketing & ad spending market.
Based on type, the report on global Covid-19 impact on marketing & ad spending industry segments the landscape into offline, and online. As per category, the industry is fragmented into social events, branding, direct marketing, and third-party marketing & advertising. Speaking of end-user spectrum, the market is bifurcated into automotive, consumer electronics, FMCG, real estate, cosmetics, and others.
From a regional perspective, the analysis of Covid-19 impact on marketing & ad spending market in North America showcases its major revenue inflows during 2020-2027, mainly due to existence of multinational and domestic companies operating in various sectors in the region, and oligopolistic business space in US and Canada.
Meanwhile, Asia Pacific market is anticipated to witness highest growth rate through 2027, owing to rapid urbanization in countries such as China and India. Increasing disposable income, and changing lifestyle of consumers has piqued organization’s interest towards advertising and brand image development, hence swaying the business dynamics in the region.
Major players influenced by global Covid-19 impact on marketing & ad spending market dynamics includes N.W. Ayer & Son, BBDO Pvt. Ltd., Classic Partnership Advertising LLC, DDB Worldwide, Ameredia Inc., Wieden+Kennedy, Ogilvy & Mather, Goodby Silverstein & Partners, Saatchi and Saatchi, and Arnold Worldwide.
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