Agencies Feels Squeezed as Corporate Marketing Budgets Drop to Lowest Levels in a Decade

Corporate marketing budgets have dropped to 6.4% of revenue this year, down from 11% last year, according to Gartner’s annual CMO Spend Survey. This is the first time the percentage has dipped below 10%.

Marketing executives under pressure are continuing to try to reduce costs by taking over work that they used to outsource to vendors such as advertising and marketing agencies, said Ewan McIntyre, co-chief of research and vice president analyst in Gartner’s marketing practice.