Marketers are optimistic about the effect of a global recession and Brexit, according to the latest research from Gartner in their survey of 342 North American and UK marketing executives.
When asked about the impact of the business and economic climate over the next 18-24 months, just 12% of CMOs think it will have a negative effect (answer of 1-3) on their company's ability to meet business performance goals.
Instead, well over four-fifths (86%) of CMOs said they expect a positive impact (answer of 5-7) to come from the future business and economic climate. One-tenth (10%) even said they expect a 'significant' positive impact.
Evidence from the UK's Advertising Association and WARC shows continued strong growth in advertising spend despite research indicating a recession following the UK's planned departure from the European Union. Indeed, Gartner also found that less than one-fifth (18%) of UK CMOs believe external factors will have a negative impact.
Gartner suggests this confidence may be a result of business diversification providing continued demand for marketing departments. This is boosted by brands dealing with political polarisation, greater interest in corporate sustainability and increasing demand for data capabilities. However, the same survey found marketing budget's share of company revenue has fallen to the lowest level since 2014.