0626 GMT - Marketers are turning more cautious both on their near-term budget expectations and spending priorities, Citi analysts say in a note, citing data from a survey of chief marketing officers conducted by the bank. Marketing budgets are expected to grow 3.5% in the year ahead and 6.1% over the coming two to three years, Citi says. This marks a deterioration from Citi's previous survey in January, which pointed to growth expectations of 4.2% and 8.3%, respectively. Priorities are shifting toward short-term investments in performance marketing and brand messaging away from longer-duration work on digital transformation, according to Citi. A shift to digital is accelerating, which bodes well for global agencies and IT services and has mixed implications for traditional media, the analysts say. (adria.calatayud@wsj.com)
(END) Dow Jones Newswires
November 22, 2024 01:30 ET (06:30 GMT)
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