Digital Affected as Top Brands Lose Billions
ADOTAS – The 100 top global brands have been slammed by the chaos on Wall Street. According to a report in AdAge, they’ve lost $67 billion (or 4.2%) in value between January and September – and that’s before the I-banking nightmare last week.
“As the recession has generally affected brands, there is very clear growth in the value of brands that have what you would call more basic, everyday products,” David Haigh, CEO of Brand Finance, told AdAge. “People are longing to rely on brands they can trust — brands that are good value for the money.”
Instead of flocking to brands like Starbucks and L’Oreal, they’re gravitating toward McDonald’s and WalMart. (WalMart just kicked Coca-Cola out of the highest-valued brand slot).
Brands are reacting by changing their marketing tactics as consumers’ priorities readjust to the shifting economic climate.
And as top brands see their value shrink, they’re less likely to pad out their ad budgets – even online. General Motors is reportedly slashing its digital budget after losing about $15 billion last quarter.
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