The survey from digital marketing consultants ConsultMyApp which questioned 100 CMOs of businesses with more than 250 employees, found that marketing budgets are expected to increase on average 20% over the next year. More than three-quarters (77%) of CMOs will be increasing their marketing spend over the next 12 months, despite almost half (44%) expecting the possible recession to have a negative impact on their business, according to new research out today. In fact, the marketing areas that will see the highest levels of investment from CMOs include: Brand building (42%), New service introductions (42%), Traditional advertising spend (41%), Web/mobile web marketing spend (38%). The outlook looks relatively positive for agencies too, with more than half (52%) of CMOs looking to outsource their marketing requirements in 2023. Just over a third (36%) said they will be hiring internally instead.

Read more here: https://martechseries.com/sales-marketing/marketing-budgets-to-grow-20-despite-recessionary-fears/