What Recovery? Creative & Media Professionals Say Forecast is “Bleak”

Posted on 25. Nov, 2009 by in Creativity

blackfriday_galleryOn the eve of “Black Friday” when retailers hope their fortunes will rebound and bring in big profits before year end, creative and media professionals see a a bleak outlook for the coming holiday season. In a survey conducted by Glow Images of creative and media professionals, 50% predict that consumers will spend less this holiday season than 2008. 25% predict consumers will spend more and the remaining 25% believe spending will stay the same. Perhaps this conservative forecast is a reflection of this audience’s anticipated spending behavior as 66% of those surveyed indicated that their personal spending this holiday season would be reduced as compared to their holiday spending in 2008 while only 8% anticipate spending more this season.

Perhaps the saddest indicator among those surveyed was the grim response when asked “If your company is hosting a holiday party this year, will it be bigger/more extravagant or smaller/more frugal than last year?” 68% of those surveyed indicated that their company will not be hosting a holiday party with 17% responding the party would be smaller/more frugal than 2008.

Given the heavy toll layoffs have had to the advertising industry alone (Eric Proulx of pleasefeedtheanimals.com reports more than 135,000 creative professionals were made redundant this past year) it’s not surprising this group may be struggling to  maintain a positive outlook on consumer spending this holiday season.

Given this insight to perceptions shared by creative professionals about the state of our economy, it is more important than ever to give thanks for the blessings of friendship, support and collegiality that are the hallmark of the creative industry. Happy Thanksgiving.

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