Most Marketers Cutting Budgets, Renegotiating With Agencies

NEW YORK (AdAge.com) -- In case you weren't sure, it really is worse than you thought. In a new survey conducted by the Association of National Advertisers and released today, 77% of marketers indicated that they plan to reduce their advertising campaigns' media budgets. That staggeringly high number is an ominous sign of things to come.

"There's no good news in this report all," said ANA President-CEO Bob Liodice. "This is not good for advertisers, this is not good for agencies, and it's certainly not good for media."

This is especially true considering the marketing industry typically lags six months behind the economy overall, so even if things turn around in July, marketers won't feel the impact until 2010.