According to Thomson Intermedia, banks, building societies and credit card companies cut their expenditure on advertising and direct marketing by 28% — around £15m — during September. That followed a 27% drop in August.
Advertising designed to promote credit cards in traditional media has been in decline since January. According to Thomson Intermedia, monthly declines in ad spend have ranged between 23% and 53%.
By contrast, ad expenditure on mortgages rose until September, when it fell by 19%.
Given the importance of financial services advertising, these are significant numbers. If they are accurate, the results will include serious damage to consumer-facing media owners.
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