NEW YORK: Over half of US marketers plan to cut their spending in national newspapers and magazines over the next six months, and the number aiming to increase their online outlay has also fallen, according to figures from Advertiser Perceptions.
WARC's forecast figures suggest US ad revenues will fall by 2.5% in real terms this year, and print is one of the mediums likely to witness a substantial decline in expenditure.
Advertiser Perceptions' March 2009 Advertiser Optimism Report found 60% of marketers plan to reduce their adspend in national newspapers over the next six months, up from 47% from a similar study the organisation conducted in November.
Some 53% of respondents are also likely to rein in their expenditure through magazines, up from 36% who forecast they would do so four months ago.
Similarly, the number of participants hoping to increase their online spending in the next six months was 52%, down from 68% late last year.
A total of 41% of advertisers are also looking to reduce their broadcast TV outlay, up from 35% in November, while radio was now seen as less of a priority by 39%, up from 36%.
Bucking the overall trend, cable TV registered a decline of 1% in the number of marketers looking to reduce their media spend via the medium, to 23%.
Outdoor also registered a decrease on this measure, with 29% of participants saying they would decrease out-of-home expenditure, against a total of 32% who said the same last year.
A separate survey of 600 cmos by the American Marketing Association and the Fuqua School of Business has found that 30% believe price will be the main priority among consumers in the next 12 months.
By contrast, 20% said a "trusting relationship" was the most important factor, followed by 19% arguing "superior product quality" was key, and 11% opting for "superior innovation."
These marketers predict that US adspend through traditional media is likely to fall by 7% in the next year, while online ad revenues and the launch of new products will both see a 10% uplift in spending.
Data sourced from AdAge.com/eMarketer; additional content by WARC staff