Overseas PR consultants are less optimistic for the fourth quarter than they were earlier in 2011, according to a survey of agency heads in 19 countries by the International Communications Consultancy Organization.
While 51% said they believe PR market conditions will remain stable in Q4, only 34% said they see fee income increasing in Q4 as the ICCO notes growth predictions progressively declined as the year went along in its quarterly surveys. In January, 83% predicted growth, a figure that fell to 71% in April and 62% in July.
PR firm leaders in Europe, Latin America, Scandinavia and Asia were polled for the Q4 survey.
Publicis Groupe in releasing its Q3 earnings in mid-October warned of slower growth in Q4 as CEO Maurice Levy said budgets could be cut because of clients’ sales and profit woes.
Huntsworth CEO Peter Chadlington said in late August that clients are taking much longer to make decisions during difficult economic times.
WPP CEO Martin Sorrell in announcing solid Q3 earnings on Oct. 28 said that a predicted slowdown in the U.S. and Western Europe has manifested, adding that “gloom and despair in the media” will likely have an impact on corporate and consumer confidence.