Monday, December 07
Certainly it will be a poor year, exactly as expected. In any recession one of the first casualties is the marketing budget, followed by the jobs of those who work with it. The question is how long it will stay bad. Recessions are in part mental phenomena. Managers in other countries such as the UK faced up to the recession earlier than they did here. So when setting 2010 budgets they were already seeing signs of an upturn whereas here there is a lot of gloom about the economy. So it seems very few are setting budgets above 2009 levels, and many are looking at further decreases. My best guess at this time is that we have hit the bottom, but we may not see much improvement until the second half of 2010.