While news this year has been all too sullen, often leaving few reasons to be hopeful, marketers around the world seem to be riding a wave of optimism about the coming year. In fact, according to WARC – a global think tank that delivers evidence-based insights, expertise and guidance for marketers – two-thirds of brand leaders believe business will improve next year.

But marketers aren’t naïve or uninformed, they’re certainly concerned about the potential real effects of economic instability. Sixty-four percent say an economic recession will impact their marketing strategies significantly, even more so than the second most concerning topic of our time: climate change.

Based on data shared in The Voice of the Marketer 2024 – WARC’s annual deep dive survey of over 1,400 marketers worldwide, this time around focusing on the economy, media investments and measurement – 41% of global respondents say there are plans to maintain or increase investment in brand marketing budgets year-over-year. In North America, about 35% expect budgets to be higher in 2024.

The report also shares that continued investments in digital channels (online video, particularly) will grow. There is an expectation that social media and mobile investments will also increase with a simultaneous lessening in traditional channels, like print and TV. TikTok and YouTube remain the top platforms for marketing investments, increasing in 2024. X (formerly Twitter), however, is approached with more caution – 31% will reduce investments in the increasingly controversial platform. The metaverse, additionally, is also losing favour. Only 11% of marketers expect to increase investment in it next year.

Evolving marketing measurement tools, the report also reveals, are still not consistently used – one-fifth don’t conduct modelling and under one-tenth of marketers employ key measurement techniques (brand lift studies, experiments and attribution) in combination. Brand metrics like awareness and purchase intent are accepted as the most effective ways of measuring (above ROI and sales) by a little more than half of those surveyed. Forty-eight percent of marketers in North America share that better measurement implementation is on their mind for 2024.

How can marketers navigate a shifting landscape? WARC suggests a number of approaches, such as tailoring marketing strategies with the understanding that consumer perceptions and attitudes with regards to finances and the recession will differ. The report also suggests being strategic with investments while continuing to focus on long-term brand needs. Diversifying media and monitoring effects on reputation is another strategy. And finally, evaluating and utilizing the different measurement tools and techniques will offer a more comprehensive view of overall marketing activities, according to WARC.