"The last economic recession lasted from December 2007 to June 2009, and both years saw a decline in advertising spending. Now, almost a decade later, due to the pandemic, we are seeing what looks like another economic downturn.
The biggest difference is that online advertising is no longer updated 2024 mobile phone number data a minor part of overall promotional costs, but rather takes up a larger portion of the budget.
Some other notable differences:
- The previous recession was expected for several months.
The current recession was also predicted by many economic analysts, but not the situation with the pandemic, when a huge number of people are sitting at home for weeks and months, and some of them are losing wages. It is safe to say that people did not expect this and were not prepared for it.
- Current events are accompanied by significant changes in consumer habits.
With people spending more time at home, what will they do there? Will they watch TV (with traditional advertising), ad-supported video with integrations, or Netflix (without advertising)? Will they watch esports content while professional sports are not taking place? Will they read Twitter to stay up to date with the news? And will advertisers still avoid spending money on pandemic-related news content, even though that’s what consumers are most interested in right now?