The CMOS are optimistic about the development of the market, sales and advertising investment during the second semester of this year, according to the results of the new wave of the Expectations index of marketing directors (FDI). The Spain marketing association (AMKT) And the GFK market research company have shared the report data, which biannual shows the perceptions and trends that marketing professionals.

On this occasion, the conclusions have been obtained from interviews with 227 Marketing Directors of large companies of different sectors, between May 28 and June 17. The report points to a positive evolution of expectations despite an uncertain economic and geopolitical context and a growing feeling of pessimism.

Two of the three indicators attended by the FDM to analyze the confidence of the CMOS evolve positively for the second half of 2025. Thus, growth with respect to the own market behavior (+2,3), despite the climate of instability, volatility and uncertainty; as well as in the advertising investment, which shows an increase of 0.7 points to +1.9 points.

This, as transferred from AMKT, can be interpreted as the decision of reinforce advertising investment Regarding the first six months of the year, when the index was +1.2. The result contrasts with that of the same period of 2024, when the data showed a fall to +0.5 points.

Regarding the Sales forecaststhere is a slight drop of 0.1 points compared to the first half of the year, so that the index that now places +3.6 points. It is one of the most positive figures since 2022.

Marketing investment index

In this edition of the FDM, the indicator of the Marketing investment expectations. Thus, for the second semester of 2025, the CMO plan to maintain the budget for marketing, which places the index in the same +2.7 points recorded in previous waves.

In addition, respondents have been asked about the percentage that marketing has represented on total billing, and a positive evolution is maintained. Marketing has increased its weight in the total income of the business, from 7.5% in 2024 to 8.1% in 2025.

Pessimism grows by the end of 2025

The report reflects a slight negative change in the opinion of the CMOS, compared to the previous edition of the report. 28% of marketing directors indicate that they have closed the first quarter of the year below their expectations, which means a four -point growth compared to the previous wave of the study. On the other hand, 37% indicate having closed this best period than expected, a figure that loses seven points compared to that of six months ago. On the other hand, 35% share that they have done so in plan.

In addition, it grows significantly pessimism and economic uncertainty for the second half of the year. 43% of the interviewees is less optimistic than six months ago, a figure that rises from 29% of the previous edition. The percentage of marketing directors who are considered optimistic falls six points and is 18%. 39% -The 47% – understand that development will be similar.

Regarding the factors that most impact the marketing activity, the Economic growth of Spain (78%) and the inflation (75%) are kept in the lead. The economic evolution of the European Union (64%) is also an important element for professionals.

From AMKT they also highlight the change in perception experienced regarding Donald Trump’s policies. In January, 51% of companies considered that they could impact their strategies, now the percentage is 61%. It is above the variation of interest rates (60%) or the political climate in Spain (59%).

Investment in digital

The Online media They continue to lead advertising investment, however, they experience a slight decrease. 61% of companies say they invest more than 40% in digital supports, a figure that falls two percentage points. For their part, 83% say their investment exceeds 20%.

The Online salesfor their part, they have grown. 46% of companies, compared to 36% of the previous edition of the report, say they sell more than 5% of their products through the Internet.