Many CMOs see shrinking marketing budgets, Duke survey finds

Chief marketing officers are shrinking their budgets as optimism for marketing dwindles due to the state of the U.S. economy, according to a Sept. 13 survey conducted by Duke University’s Fuqua School of Business.

The survey includes responses from 273 marketing leaders at for-profit U.S. firms and was sponsored by Duke University's Fuqua School of Business, Deloitte LLP and the American Marketing Association. 

Five things to know:

  1. Sixty-six percent of respondents said they were less optimistic about the third quarter of 2022 compared to the second quarter. 

  2. Healthcare marketing executives were the most optimistic about the third quarter of 2022, with 63 percent saying the pandemic caused a boom in their business. 

  3. Forty-two percent of marketing companies have cut their budgets, while 41 percent of companies said their budgets remain the same.

  4. Thirteen-percent of marketers reported making layoffs.

  5. Marketing spending comprised an average of nearly 14 percent of overall company budgets — an all-time high, according to the survey.

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