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One one hand, we could work harder to maintain the status quo -- but on the other hand -- maybe we could take a bit of time off, reduce our home and family budgets, and realize that the age of excesses is over. The earth might appreciate that -- and so might your family! (Once they get over the shock of seeing you in unexpected places like the dinner table and Saturdays at the park. :-)

Marketers Still Frugal, But Deepest Cuts Behind Them

The report concludes that "The recession may be officially over, but it appears that marketers have reset their expectations and a greater degree of frugality has set in. Cost savings and reductions may be the "new normal", even when the economy improves significantly."

In the most recent survey, 41% of respondents are planning to reduce marketing budgets by 1-5% and 70% plan reductions of 1-10%, up substantially from 55% in the July 2009 survey. Only 7% plan reductions greater than 20%, which is down sharply from 30% in July 2009. This indicates that the deepest cuts may have already been made.

The top four ways marketers are reducing costs and spending:

• 75% are challenging agencies to reduce internal expenses and/or identify cost reductions
• 73% are reducing departmental travel and expenses
• 53% are reducing advertising media budgets
• 50% are reducing advertising production budgets

Challenging agencies to reduce internal expenses and/or identify cost reductions has increased in each of the surveys. But just about every other category declined in the most recent survey, notes the report.

SOURCE: Research Brief from the Center for Media Research, Feb 17, 2010

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