According to a survey asking how advertising spend has been affected by the COVID-19 pandemic reported by eMarketer,
“Almost nine in 10 advertisers said they had taken some type of action. Those actions that were most common included holding back a campaign that was set to launch later in the year (49%), changing media or shifting budgets among media (48%), and stopping a campaign midflight (45%).”
But it appears that we’re just seeing the beginning of the COVID-19 impact on ad spending. While 65% of advertisers expect a “major” or “moderate” impact on ad spending in Q1, 85% of advertisers expect a “major” or “moderate” impact in Q2 spending.
The same survey reports that while performance marketing budgets were decreasing, “42% planned to increase spending on mission-based marketing, 41% on cause-related marketing, and 37% on brand equity messaging.