The head of another global advertising conglomerate is seeing tough times ahead. Havas Chairman Vincent Bollore says that on a global basis, marketers haven’t significantly cut back advertising budgets, but they will soon. Said Bollore, at the Cannes Lions ad confab (via WSJ):
I believe the crisis will happen. I don’t believe there is any reason the global (ad) market will remain as high as it is.
Bollore wasn’t feeling an ad recession back in February, either, but made no such prediction for future pain. Then again, few media moguls or ad salesmen were — they seem to have arrived at this conclusion in the past few months.
Bollore said Havas, the world’s No. 6 ad agency holding company, which owns Euro RSCG Worldwide and Arnold Worldwide, would weather the coming downturn by cutting bonus payments to staff. But he said he’d still be looking to make acquisitions — which will presumably be cheaper when everyone’s getting hammered