PBS - Marketing budgets drop to 6.4% of total company revenue in 2021: Gartner survey

In Gartner's survey of 400 CMO and marketing leaders in North America, the U.K., France and Germany from March 2021 through May 2021, marketing budgets seem to have fallen to their lowest recorded level of 6.4% (of company revenue) in 2021 from 11% in 2020.Co-chief of research and VP analyst in the Gartner for Marketers practice, Ewan McIntyre said that despite facing in-year budget cuts in 2020 due to the pandemic, majority CMOs expected budgets to bounce back in 2021.However, the optimism was misplaced as budgets dropped to their lowest level in the history of Gartner's CMO Spend Survey.Among the industries, travel & hospitality, manufacturing and tech product companies have experienced the greatest cuts in 2021.Based on size-classification, large enterprises were dented the most with companies of revenue $2B+ marking the lowest average marketing budget of just 5.7; companies with revenue of under $500M reported the highest allocation to marketing with an average budget of 8.6% of revenue.Pandemic driving shifts

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Marketing budgets drop to 6.4% of total company revenue in 2021: Gartner survey