The Online retail association IMRG expects sales to grow between 35-45% (up from 2019) during the Black Friday sales this year .
Estimates are that e-commerce has already expanded by 34.9% in the year to October as opposed to last year.
While online sales are booming, it is thought shoppers may spend ultimately £9bn less than they did last year as the nationwide lockdown hurts sales. So, does this make the decision about 2021 marketing investment ever more important?
The age-old debate about maintaining or even increasing marketing spend during recessionary times to achieve gains in market share continue. Earlier this year Coca-Cola paused their marketing spend in the UK while conversely consumer brand P&G’s Q3 marketing spend was up 1.9% year-on-year
What is our network saying? Continued growth in Data & Analytics, Social & Search and Digitalisation and a continued decline in traditional Below-the-line activities (Direct Marketing and Telesales).
We found a nice summary of indicators from the IAB here: Source IAB
- Amid the overall decline, digital ad spend is growing: Buyers expect it to be up 13% in 2H vs 2019
- Linear TV ad spend expected to be flat for Q3, down in Q4, while CTV/OTT investment will increase
significantly year over year
- Nearly half of Buyers are confident their budgets are stable for the rest of 2020, but confidence in 2021 is much lower
How is this affecting the career opportunities of our community? Since June 2020 we have seen consistent growth in numbers of clients hiring across their product and marketing teams in EMEA and APAC it seems the need to differentiate and stand out is more important than ever. We have also seen that many clients have moved away from individual bonuses for 2020 and are rewarding for overall company performance based on a slightly reduced goal.
There are still great opportunities to achieve your career potential, check out our live vacancies here..