Marketers are asking for contingency plans and increased flexibility in their ad deals as fears of economic uncertainty and a looming recession continue to pick up steam.
Last week, during IPG’s earnings call, CEO Philippe Krakowsky noted that some clients are asking for “contingency plans” to deal with the uncertainty and the potential slowdown. Meanwhile, Arthur Sadoun, chairman and CEO of Publicis Groupe, noted during the holding company’s earnings call that while there haven’t been cutbacks yet, that doesn’t mean there won’t be.
“The biggest ask from clients is around commitments and ways to increase flexibility as we navigate the second half of the year and beyond,” said Stacey Stewart, chief marketplace officer for UM. “We’re also starting conversations to prioritize efforts around marketing dollars in anticipation of reduced spending while minimizing impact to overall business.”
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