According to WARC’s most recent The Voice of the Marketer 2024 report, 61% of surveyed marketers express optimism about the business landscape in the coming year.
Despite apprehensions about the economy, the report indicates a positive outlook, with global marketing investment expected to rise by 8.2% in 2024, surpassing $1 trillion for the first time.
Isabel Cleaver, senior analyst at WARC, highlighted the report’s focus on providing insights into marketers’ priorities for 2024, particularly in terms of investment, media channels, and measurement.
Cleaver noted, “A significant finding from our survey analysis is that while marketers are concerned about the impact of an economic recession, there is also a sense of optimism regarding the business climate and marketing budgets for 2024.”
WARC reports 64% of marketers identify economic recession as the most significant factor influencing marketing strategies in 2024. Grant McKenzie, chief marketing officer Europe and International at Asahi, expressed the need for careful strategy amid economic challenges, advising marketers not to cut costs to the detriment of value.
“Marketers at these times have to be very careful not to change the strategy where it doesn’t need to change,” warned McKenzie.
The report sheds light on the ongoing trend of increased investment in digital channels, particularly online video. TikTok and YouTube are anticipated to receive the most substantial increases in marketing spend in 2024, while X (formerly Twitter) faces a 31% expected decrease in investments.
In a shift from 2023, confidence in the metaverse has dwindled, with only 11% of marketers expecting to increase investment in this space next year, down from 47% in the current year.
Measurement emerges as a key concern for marketers in 2024, with 39% expressing worry about measurement complexities. Alarmingly, 22% admit to not using any form of modelling in their evaluation processes. The advice to marketers is to diversify media investments, monitor new opportunities, and adopt different measurement techniques for a comprehensive view of marketing activities.
The report points to the need for marketers to evaluate various measurement tools and techniques for a holistic understanding of marketing activities. A complimentary sample of The Voice of the Marketer 2024 is available here. The full report is available to WARC members.
Complementing the reports, a series of podcasts are also available.