11 December 2008
THE GRINCH HASN’T STOLEN CHRISTMAS, BUT HIS PRESENCE IS FELT
Worldwide Partners Inc. CEO Survey Details Scaling Back of Holiday Fetes
CINCINNATI, OH – December 11, 2008 – MARSH, INC., an independent design consultancy concentrating on strategic design for consumer-packaged goods, retail and restaurant clients, and a member of Worldwide Partners, Inc., found in a global survey, that over 1/3 of North American based independent advertising agencies and over 1/2 of non-North American partner agencies, that the global financial crisis has prompted them to cancel or curtail traditional holiday celebrations.
Uncertainty over the future, cost cutting and concern about sending inappropriate messages to staff and clients were some of the reasons cited by those who responded that they were scaling back or canceling parties. Many said they would simplify proceedings or bring the holiday celebration in house.
However, not everyone is feeling holiday blues. 62% percent of North American CEOs who responded said they had not altered their plans, with many saying they had a desire to reward staff for what remains a good year this year. 46% of the non-North American CEOs responding also said their holiday plans are intact.
“The findings are consistent with what is happening in the global economy,” said WPI Chief Executive Officer Al Moffatt. “This year, despite the meltdown, will go into the books as a good year for most of our partners and they want to reward staff accordingly. The end of year celebration is a key component of that. This is not to say that the Grinch will not be among the bogeymen that could bedevil agencies in 2009.”
In North America, 38% of CEOs who responded said that the economy was prompting them to scale back on their holiday parties this year. Of that group, 14% said they are canceling the event. Among non-North American CEOs, 54% of respondents said that they were scaling back on their Christmas, New Year’s or Chinese New Year’s celebrations. 11% of those respondents said that they were canceling the event.
“As an independent agency, we aren’t immune from the turmoil, but we are in a better position to adapt to the storm. But there is a high degree of uncertainty as to what 2009 holds”, noted Pete Costanzo, Executive Vice President, of Cincinnati-based Marsh, Inc.
The survey, which had responses from 57 CEOs, was conducted during the week of November 17, 2008. It is one of an ongoing series of surveys that WPI will conduct to take the temperature of “Main Street” advertising agencies on various topics. Worldwide Partners Inc. CEO Survey’s can be found in the “Press Room” at worldwidepartners.com.