Multinational marketing budgets coming under greater scrutiny

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Marketing is under increased scrutiny from CEOs, boards and other internal stakeholders as global brand owners seek to avoid risk in an increasingly unpredictable world.

New research, conducted by WFA in partnership with transformation consultancy The Intangibles, found that 82% of global marketers and senior policy leads agree (strongly agree, agree or somewhat agree) that budgets and campaigns are under heavier scrutiny than a year ago.

In particular, half (50%) feel under greater pressure from the board and 52% say the CEO is paying closer attention to marketing campaigns than they were a year ago.

81% say they are taking more time to review what they stand for and how they articulate positions and values externally. Half (50%) are now spending more time focusing on short-term objectives and risk management at the expense of long-term strategic planning.

This more cautious approach reflects the fact that 93% agree that the operating environment is less or much less predictable than 12 months ago and it no longer feels like ‘business as usual’ (78%). Additionally, 81% agree that today’s environment is riskier for brands compared with 12 months ago.

Many are also reviewing where they invest, with more than 8 in 10 (82%) saying the current environment feels like a retreat from globalisation and 68% are actively changing the markets they prioritise for marketing investment. They are also becoming more pessimistic with 60% disagreeing with the statement that it feels there are “more opportunities than challenges”.

The survey is based on 29 responses from CMOs and senior policy leads, mostly in global roles, at some of the world’s leading brand owners. Collectively they represent $65bn of annual marketing expenditure. The survey was conducted in April and May 2025.

“Brand executives clearly sense a more unpredictable and volatile market. They are being asked to manage risk while also delivering on growth objectives. Greater due diligence, enhanced cross-functional collaboration and risk mitigation frameworks are all demonstrating their value in an operating environment where stakeholder scrutiny is at a record high,” said WFA CEO Stephan Loerke.

Full results of the research will be shared at Cannes Lions on June 18, as part of a session featuring Judy Smith, Chair of The Intangibles, the inspiration for the hit ABC and Netflix show 'Scandal’ and CEO of strategic advisory firm Smith & Company.

When evaluating the sources of risk, respondents cited the geopolitical environment (8.4 out of 10 where 10 is greatest risk), economic trends and outlook (8.1) and tightening regulations (6.9).

There were also concerns about the policies and practices of the big social media platforms (6.1) and fast-moving technologies such as AI (6.3).

The result of greater scrutiny and uncertainty has, according to WFA’s research, led to changes in marketing practices compared to last year, including:

• 74% are applying greater due diligence in relation to their marketing communications;
• 74% agreed there is greater cross-functional collaboration than 12 months ago with a view to mitigating risk;
• 61% are developing a clear responsibility framework to mitigate against risk in marketing; and
• 53% are taking additional steps to reduce any potential risk presented by working with influencers.

“There’s no doubt the waters are choppier than they have been before. There is risk in most aspects of strategy and planning for businesses and brands. What we have noticed is that clients who have invested in longer term thinking, platforms, frameworks and scenario planning, clients who are consistently monitoring against their specific risk profile, are making better decisions. Having a compass in a storm is not a nice to have its a mandatory,” said Jon Wilkins, Founding Partner of The Intangibles.