Hopes that 2026 would bring calmer conditions for marketers faded quickly, as political shocks, platform volatility and economic uncertainty accelerated early in the year.
Advertisers are responding with cautious optimism, favouring flexible spending, lighter upfront commitments and clearer links between spend and measurable outcomes. In both the US and Europe, budgets are shifting back towards brand advertising to sustain demand, as performance returns weaken.
Ad spend is increasingly treated like active capital allocation, with CFOs exerting greater influence. Growth is still expected, particularly in social, CTV and commerce media, but money is moving faster, more selectively and with less tolerance for friction.