A new IAB study states that COVID-19 may cause 20% in data cuts in Q3 2020. Survey respondents expect the short-term impact of COVID-19 to require budgetary cuts and reallocation of investments. There is less consensus on the outlook in Q4 2020 and beyond. Here a few key stats from the study.
- 64.2% — decrease in Q2/Q3 2020 marketing spend
- 49.1% — change messaging and content priorities
- 26.4% — de-emphasize certain products or business lines
- 22.6% — shift budget from brand initiatives to performance-oriented marketing
- 20.8% — decrease Q4 2020 and beyond marketing spend
- 17.0% — increase Q4 2020 and beyond marketing spend
The report focuses on U.S. advertiser and marketer spend on third-party audience data; spend on services, technologies and hybrid activation solutions that support the use of data across consumer and B2B marketing. It outlines the major demand drivers, operational challenges, and other trends impacting investment in data.
Check out the article on MediaPost https://www.mediapost.com/publications/article/353961/iab-the-impact-covid-has-on-data-spending.html for more details.