Marketing Week explored industry reaction to Britain decision to leave the EU. Asked for his view, our Managing Partner Richard Robinson observed that brands had significantly scaled back their ad budgets during the first quarter as caution set in. And now the outcome is clear, he expects this caution to continue.
“That caution will certainly continue for the near future. While the trade agreements are being worked out with the EU, it will be a difficult 18 months or so for marketers and the current £88bn value of the creative industries could be vulnerable. But this is different to the 2008 recession where we were unprepared, with no financial buffers. The storm will likely calm.”
There is also an opportunity for marketers to win consumer trust, according to Robinson. He explained: “There is a strong opportunity for brands to become the calming voice post-Brexit and to provide that calming reassurance to consumers that despite things changing politically, our relationship can stay the same.”
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