According to survey conducted by the Interactive Advertising Bureau (IAB) titled ‘Coronavirus Ad Spend Impact: Buy side” and e-marketers calculations dated March 26, 2020.
For the second quarter, majority of the respondents at 70% have decided to make to make a change in their budgeting and spending where as 14% of the respondents decided to not make any changes to their budgets for the coming quarter, 16% of the said respondents have yet not decided their course of action and will rely on the future situation to make a decision.
The reason majority of the respondents did make the changes were because they are of the view that damages caused from the current pandemic will be much greater than the damages caused during the Great Recession and coping up with the loss will be extremely difficult if the required changes aren’t made immediately.
As for respondents, who decided not to make any changes did so because they believe the crisis short-term and can be overcome. As for changes made in the next half of 2020, 25% of the respondents plan on making long-term changes to the budget which will pursue into the next half.
Whereas, 8% of the respondents decided just to make changes up to the next quarter as they believe the situation will normalize by May-June.
However, two-thirds of the 390 respondents chose to not decide at present. They will probably be looking at the situation throughout the next quarter and decide accordingly.