According to a poll by MarketFinance of 5,000 UK SME’s at the end March, 72% of UK businesses are cutting their marketing budgets.
A subsequent survey of 678 marketing businesses shows that 85% of creative agencies expect to run out of money before June 2020 and half of creative agencies are worried they won’t get government backed Coronavirus Business Interruption Loan Scheme (CBILS) cash – concerns over cashflow and business models meaning they are reluctant to apply.
Three quarters of agency bosses believe it will be at least a year before business normalises.
