In the past year, CMOs saw business and budgets ebb and flow. Following the tail end of the pandemic, confidence grew, but not long after, we saw indications that a recession was approaching as job reports came in, interest rates began to increase and macroeconomic factors affected global markets and the supply chain.
Now, as CMOs are in the throes of budgeting for 2023, there’s a fair amount of uncertainty and conservatism. But what’s interesting is many CMOs also hold on to optimism in ways we didn’t see in recessions past. By and large, their focus continues to be on high-value, high-return spend and a heightened readiness to accelerate activity at the earliest signs of recovery.