CMOs express moderate optimism regarding market development, sales and advertising investment for the first half of this year, according to the results of the new wave of the Marketing Directors’ Expectations Index (IEDM). The Spanish Marketing Association (AMKT) and the market research company GfK have shared the data from the report, which shows the perceptions and trends of marketing professionals on a biannual basis.

On this occasion, the conclusions have been obtained from interviews with 229 Marketing Directors of large companies in different sectors, between November 27 and December 23, 2025. The report points to a positive evolution of expectations despite a turbulent economic and geopolitical context.

The four indicators used by the IEDM to analyze the confidence of CMOs remain positive for the first half of 2026, although a slowing trend can be seen. Thus, a decrease is observed with respect to the market behavior, which goes from 2.3% to 1.8%; as well as in own sales, which fell from 3.6% to 3%.

The same happens in advertising investment, which drops from 1.9% registered in the second half of 2025 to 1.2% currently. The figure is similar to that recorded in the first half of last year.

Marketing Investment Index

In this edition of the IEDM, the marketing investment expectations indicator has once again been incorporated. Thus, for the first half of 2026, CMOs foresee decreases in their budget allocated to Marketing, which places the index at +1.5 points compared to the +2.7 points registered in previous waves.

In addition, respondents were asked about the percentage that marketing has represented in total turnover, and a positive evolution continues. Marketing increases its weight in the total business income, going from 6.9% in 2025 to 7.3% in 2026. These data, however, are lower than those offered in the previous wave of the report, in which the weight of marketing in the budget went from 7.5% in 2024 to 8.1% in 2025.

Closing 2025

The report reflects a slight negative change in the opinion of CMOs, compared to the previous edition of the report, as it relates to the end of the financial year. On this occasion, 27% of marketing directors indicate that they have closed the second half of the year below their expectations, which represents a decrease of one point compared to the previous wave of the study. For their part, 34% indicate that they have closed said period better than expected, a figure that loses three points compared to six months ago. For their part, 39% share that they have done it as planned.

The sentiment, for its part, remains pessimistic. According to data shared by AMKT, 40% of those surveyed feel more pessimistic than six months ago, a slight decrease compared to the previous wave, when the figure was 43%. 17% report feeling more optimistic, losing one point compared to the previous edition of the study.

Regarding the factors that most impact marketing activity, inflation (79%) and economic growth in Spain (75%) remain at the forefront. The economic evolution of the European Union (65%) is also an important element for professionals.

Concern about Donald Trump’s policies is declining. If in July 2025 61% of companies considered them decisive, in this wave the figure falls to 49%. However, it should be noted that the interviews with respondents were carried out before the latest movements regarding Venezuela and Greenland.

Investment in digital

Online media continue to lead advertising investment, however, they experience a slight decrease compared to the previous edition of the report. 77% of companies claim to invest more than 40% in digital media, a figure that falls compared to the 83% that stated 6 months ago. 30% say they sell between 5% and 20% of their products in this channel.

Online sales, for their part, are maintained. According to the study, half of the companies consulted market 5% of their products and services through online channels. In addition, 52% of the managers interviewed claim to have been satisfied with the level of sales on their company’s digital platforms in the second half of 2025. This is a growth compared to 49% in the first half of last year.