Ad Age sticks the puffy mike in front of advertising and marketing luminaries and solicits plans/predictions for 2008 in light of the catering US economy. One would expect such execs to see the glass as half full–and some do. But a surprising number are gloomy.
Sir Martin Sorrell, WPP CEO: 2008 will be saved by Olympics and Politics. 2009 screwed.
Jon Swallen, SVP TNS Media Research: Depends on sector: “Automotive … is already pretty grim, and budgets have already been pruned across the board. Retail is traditionally the most economically sensitive category when you have a downturn in GDP. We’re already seeing a flattening in spending by department stores, restaurants and a host of categories related to housing (including hardware, home furnishing and appliances). … What’s kind of interesting is that financial services — which is sort of in the centre of the storm — has actually been quite robust. In the short term, at least, these guys are battling for a share of a shrinking pie.”
Larry Witt, Morningstar: “If there was no recession at all, 2009 would, at best, be a flat year. If there is a recession and it stretches into 2009, it’ll be bad.”
Ian Beavis, CMO Kia Motors: “You can smell recession. Dealership traffic is down (across the board)…It’s a train wreck.”
Randy Ransom, CMO Miller Brewing Co.: Beer is a recession-proof industry.
Chuck McBride, Cutwater Creative Director: “It’s starting to hit home now. I get the feeling clients don’t want you to spend as much, to save money where you can and do more.”
Howard Draft, DraftFCB: Cautiously confident. No major budget cutbacks yet. [Minor ones?]
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