- "Cautious optimism" from major advertisers
- New geopolitical risks
The latest John Lewis Christmas advert features a deranged Venus flytrap which is cast out in the cold by a cautious family. After a difficult year, maligned UK media players may feel a certain affinity with the plant. There are signs, however, that the misery of 2023 could give way to a brighter 2024, as advertisers boost their budgets once more.
The last couple of months have been littered with forlorn updates from the likes of ITV (ITV), Reach (RCH), WPP (WPP), Time Out (TMO), M&C Saatchi (SAA), S4 Capital (SFOR) and STV (STV). Profit warnings have featured heavily, with several companies citing weakness in China, slow client decision-making and low demand from the technology sector. At the same time, costs – particularly people costs – have kept ratcheting up.