Marketing budgets as a percentage of company revenues and spend have risen to a record high during the coronavirus pandemic as brands turn to marketing to retain customers and build brand value.
Spend on marketing as a percentage of US companies’ overall budgets rose to 12.6% in May, according to the CMO Survey conducted by Duke University’s Fuqua School of Business. That is up from 11.3% in January 2020 and the highest it has been in the 10 years of the survey. The previous high was in January 2016, when it reached 12.1%.
Similarly, spend on marketing as a percentage of a company’s revenues increased to 11.4% in May, well above the 8.6% recorded in January and the previous high of 9.3% in January 2014.
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