Ad Budgets Restart as Economic Outlook Improves

Written By

Liz Iversen

Published On

Thursday, Sep 17

A new “Business Barometer & COVID-19 Impact” report from Borrell shows that small and medium businesses are feeling better about the economy.

The latest survey, conducted in August, found 48% of businesses feel the current economic situation is poor, down from 73% in March.

Only 34% of businesses said they are still feeling large negative impacts of the coronavirus. In March and April, at the height of COVID-19 lockdowns, 56% of businesses felt large negative impacts. 

Sixteen percent of small and medium businesses surveyed say the pandemic has even helped their business, with six percent claiming a large positive impact.

Increased optimism has led to businesses restarting their ad budgets. In March, 52% of businesses surveyed said they planned to cut ad budgets. Now, only 27% plan to cut ad budgets, and 52% plan to maintain current ad spend.

Back in March, SMI wrote about the importance of advertising, even during economic downturns. If your business made cuts to ad budgets and is ready to restart or augment current spending levels, SMI can help. Contact us today.

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