More than 90 per cent of respondents to the latest PRCA PR Leaders’ Panel said the industry had yet to see the worst of the recession. About 36 per cent predicted an improvement by Q4, while 25 per cent expected a turnaround would only come in 2010.
Some 60 per cent felt the industry was in worse shape than three months ago, but bosses were more bullish about their own agencies. Some 37 per cent saw poorer market conditions for their agencies than three months ago, but a significant 29 per cent already saw their prospects improving.
On Monday, the Q1 Bellwether Report said marketing budgets for ‘all other’, which includes PR, had fallen by more than 30 per cent year-on-year.