THE WHAT? More than two-thirds of the UK’s biggest advertisers are said to be cutting back on traditional television media in 2023, with the recession pushing them to digital media and last-minute promotions, according to a report by the Guardian.
THE DETAILS A survey undertaken by the Incorporated Society of British Advertisers (ISBA) and the media investment analysts Ebiquity found that of 59 UK advertisers, 67 percent will make the deepest budget cuts to ads on broadcast TV.
While no specific advertisers were named, cosmetic and personal care giants Unilever, L’Oréal, and Procter & Gamble are amongst the UK’s 10 highest spenders.
According to the study, 40 percent of those surveyed stated they were set to cut spend in offline media, including TV, radio, print and outdoor sites.
THE WHY? The survey highlights the advertising decision-making processes being made in the wake of the cost of living crisis.
Phil Smith, Director General of ISBA, the body that represents UK’s advertisers, said, “The survey clearly shows the impact of recession on the spending plans of major brands. There’s a general shift towards more flexibility of commitment and a significant swing towards digital delivery in every medium.”