Marketing budgets at large businesses have dropped significantly relative to revenue in 2021, according to recent research from Gartner.
The report was based on data from a survey conducted between March and May, 2021, among 430 CMOs across North America and Europe who work for organizations with annual revenue of over $500 million.
Marketing budgets fell to 6.4% of total company revenue, on average, in 2021—down from 11% in 2020 and 10.5% in 2019:
The researchers found that marketing spend relative to revenue dropped across all industries examined this year, with no sector achieving a double-digit marketing share of budget in 2021.
Companies in the travel and hospitality, manufacturing, and technology-product industries experienced the biggest drops in marketing spend relative to revenue:
About the research: The report was based on data from a survey conducted between March and May, 2021, among 430 CMOs across North America and Europe who work for organizations with annual revenue of over $500 million.
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