Responses have varied depending on the lockdown’s impact on different sectors.
This piece analyses the recent earnings from the top 10 ad spenders in the world to figure out how their marketing strategies have evolved during the pandemic. Major Companies like L’Oréal and Coca Cola have already announced marketing cuts.
CPG company leader and the world’s biggest advertiser Procter & Gamble has benefited from people stocking up and consequently increased its marketing spend by around 2% in the first quarter. P&G’s main rival Unilever is maintaining its marketing investments – despite budget reallocations – as its main emerging markets did not react to the crisis with stockpiling.
Ecommerce giant, Amazon is lowering marketing in some areas as it is looking to dampen customer demand for non-essential items. Automobile companies, Volkswagen and Renault Nissan Mitsubishi alliance, have cut marketing costs as the market for new cars has drastically dropped.
[8 minute read]