On March 9, The Myers Report predicted a potential $1 billion to $3 billion loss in advertising spending in 2020 and an additional $1 billion to $3 billion in 2021 due to coronavirus (COVID-19) realities. We projected total marketing communications budgets could decline by $3 billion to $11 billion in each year. Based on the actions of the past week, we now believe the most likely budget reductions will be closer to last week's worse-case scenario.
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