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Among most of my clients, I haven't seen big changes in the amount spent, but there are changes in the way it is being spent.
In retail, most are spending less to attract new shoppers, but spending more to increase sales to existing customers (such as in-store advertising, event-based promotions, and targeted direct mail/email offers). On the seminar side of my business, we're spending the same to attract new customers, but more on direct marketing to current/past customers.
In consumer product manufacturing, there seems to be an increasing emphasis on embedded advertising (such as product placement deals and the type of visibility your necklace recently received).
Travel/hospitality industry clients are spending more on overseas advertising (weak U.S. dollar seems to be bringing in enough foreign visitors to offset any domestic travel slowdowns, so far), but I haven't seen any other significant changes.
Health care industry clients run the gamut -- for instance, one has nearly tripled their television advertising budget, while another has cut back to almost nothing -- so while that's often said to be a "recession proof" industry, it's those individual clinical practices (which are "small businesses") that seem to be experiencing the greatest impacts, both positive and negative.
Construction industry clients seem to be feeling the most economic pain so far (although less so here than in many places around the country) -- but they weren't really big advertisers anyway.
Has your advertising or marketing approach shifted any? If so, how?