The Cannes Lions report pointed out that the market is optimistic, but still faces tensions with customers and internal relations
The State announced the launch of the “State of Creativity”, an annual report presenting advice on how to drive business growth using creativity.
While 2023 was marked by macroeconomic concerns, the document pointed out that, in 2024, the feeling of optimism should be in the air. According to the study, companies report growth and an increase in investment in marketing, with 51% of respondents from brands and agencies saying they expect stronger growth this year.
Yet the data also showed two growing tensions that are driving stakeholders away from creativity, as the opportunity to capitalize on this sentiment with creative work may be at risk.
According to the analysis, many of the jobs that will take Lees home in 2023 showed the impact of having a healthy partnership between client and agency on the quality of creative production, but now, the data showed that the structure of this relationship is eroding for almost half of agencies.
“This is a unique glimpse into the global creative landscape, and what we are seeing is that while sentiment is outwardly optimistic, internally the industry is at odds. There is optimism around progress and investment, but also tensions that need to be worked through if we are to realize the potential of creativity as a driver of growth,” said Spencer Fox, SVP, Lions business leader and consultant.
Another point of attention for 2024, according to the report, is the working relationship between employees and leaders. According to the survey, respondents on the brand side expressed difficulties in getting executives to embrace creativity, something that was attributed, in part, to the absence of creative people in the boardroom.
The “State of Creativity” also provided data on investments for the year, pointing out that brands that foresee greater growth for 2024 are more likely to prioritize creativity and have more marketing expenses compared to 2023.
“Our results show that brands that predict greater growth for 2024 are 6 times more likely to prioritize creativity, are 4.6 times more likely to have a higher marketing spend than in 2023 and invest more in brand building. This is solid evidence for the business case for creativity,” Fox added.
