PPCChat | Dealing with Global Economic Meltdown | 8th April 2025

As global markets crash and trade wars intensify, marketing is feeling the impact. Host Julie F. Bacchini turned to the experts to find out how this economic turmoil is affecting them. Are they preparing to navigate these global challenges? and more

Q1: How is the current global economic meltdown and impending tariff war impacting you?

It’s affecting my sense of happiness (see the first question) but it’s too early to tell how it’s going to impact business. @Pete_Bowen

Well, my perspective is from a tariffee: I had a chat with our NY team yesterday to help with a major client, and any other year, I would not ask if the client has sensitivities about working with someone from Canada. @JuliaVyse

All of the uncertainty and changes are impacting our clients and prospects, which impacts us. Hard to be very optimistic right now, even when there’s good news. @revaminkoff

One of my main clients sells energy to the US, so they have a major PR challenge to deal with. They cut all digital spend for their major spring push. There is now so much risk in investing in these channels with public funds that a lot of my time is spend calculating local media investment vs non-local. @JuliaVyse

The chaos is just so hard to deal with. And I posted this on socials, but all of modern diplomacy is based on what is called the “rational player” model. That model assumes that a leader will not take actions that directly and/or purposely harm their people. So what happens when that is no longer true for a major world power? Chaos of the highest order. Which is what we are seeing now. My educational background is International Politics with a healthy dose of Economics. So I have the context to digest and parse all of this, and it is still really hard to do. @NeptuneMoon

Uncertainty -> anxiety and there is so much uncertainty right now. @robert_brady

I’m not seeing budgets shift yet, but I will be super surprised if ad spend stays consistent. I also expect a lot of budget going to US markets from other countries to dry up as they focus on their home markets and US folks having to hide that they are US. @navahhopkins

In ecom, it has impacted sourcing quite a bit, but nothing too extreme yet with brands to be honest. I think sourcing and cost of goods is the biggest impact so far though. Depending on how long it takes for all the negotiations to take place will tell if this is a long-term issue or it is short-lived. @Ichasse

Our global clients are already seeing softened demand, even on SaaS, which isn’t subject to tariffs. People overseas do not want to buy ANYTHING American right now @beyondthepaid

@Ichasse Several countries offered zero-for-zero tariffs, and that was flatly rejected, so… we are in for a long haul here, I think. @NeptuneMoon

I’m worried that countries will introduce a digital services tarriff/tax as dealing with the paperwork will be a treat. @Pete_Bowen

Don’t get me started on DST. It’s such a mess. @JuliaVyse

Yup – never mind the different regulation appetites. @navahhopkins

And, all my billing is in USD even though I run a UK company from Spain @Pete_Bowen

We are already seeing budget shifts. Someone last week said the budget they had on Tuesday was no longer there by Friday. @revaminkoff

I am not sure enough people realize how global the world is, in real terms too. @NeptuneMoon

The shipping impact is going to be insane. So will the pollution..@navahhopkins

China also announced a stoppage on exports of 7 very critical rare earth minerals. That are used in electronics. @NeptuneMoon

I’m in the legal field b2c, so nothing yet. @AndrewRios

It’s worth noting my local clients are super happy. best performance in 3 years. so ecommerce and saas will be where this plays out first. @navahhopkins

Everyone will feel this. Consumer spending is going to crater as prices skyrocket. @NeptuneMoon

But eventually folks won’t be able to afford the local services @navahhopkins

I will say I haven’t seen any of it actually affect performance yet – just people’s budgets because of company margins, costs, etc. @revaminkoff

Anybody here working with companies that are leaning into the “Made in USA” angle? Could be awesome for them @robert_brady

When someone else stops rare earth mineral shipments, we get invasion nervous. And y’all, that is a WEIRD feeling! like, would our neighbours do something like that? It’s so far-fetched, and then, that’s exactly what he’s been saying. it feels crazy, but we need to prepare for crazy. @JuliaVyse

Canadian client leaning into Proudly Canadian. @revaminkoff

@robert_brady  I have one where we’re using this messaging – have been for a while so it’ll be interesting to see if it makes a difference. @Pete_Bowen

The vicious cycle of tariffs causing job losses and increased priced which leads to high unemployment and companies jumping hard on “couldn’t AI just to this job” to credit defaults to entire industries drying up – hello travel? @NeptuneMoon

Oddly enough, it has kicked off a nationalism thing across the world in a lot of ways. Some countries have also started looking at their tariffs with other countries, so this may have started something bigger than even just the U.S. Have no idea where it will all end up at the end of the day, but definitely going to be a rocky road for a bit. @Ichasse

My luxe travel client is not feeling anything! Almost no interest in US destinations in the first place, and Canadian-only audience. and we’re seeing an acceleration of inter-provincial trade that is quite complicated, and getting solved WAY faster than we could have hoped @JuliaVyse

I should clarify on travel – US destinations are already taking a hit. And I suspect that will increase as already booked and paid for travel dries up. @NeptuneMoon

Still have not seen anything in travel on my end. I think folks just want to go where they want to go. Hopefully that continues where the population not wanting to go to certain areas is pretty (relatively) small for now. If it drags on, though, it is bound to creep into other demographics. @Ichasse

I would have bet on Disney being a strong player against this nonsense for cruises and park visits. But they’ve been strangely quiet after the ABC cave. @JuliaVyse

US Business has been strangely quiet publicly. @NeptuneMoon

@Ichasse I can tell you that we up here are NOT travelling to the states. Maybe local travel isn’t changing yet, but a big audience is very cautious this year. @JuliaVyse

@JuliaVyse The sites I manage are still seeing the normal amount of Canadian travelers (so far), but that could change. @Ichasse

Charles Schwab sent me a surprisingly empathetic message. it was unnerving @navahhopkins

That was my point about US travel already booked and paid for that would be money lost if canceled. New bookings are way down. And Canadians are selling their snowbird homes in droves. @NeptuneMoon

I got that too @navahhopkins from Schwab. @beyondthepaid

Traveling to Europe for work is a treat but it’s kind of like getting out of a cold pool and then diving back in. @navahhopkins

We can keep this thread going, but I posted the second question on impacts on brands and your businesses. @NeptuneMoon

Q2: How is the current global economic meltdown and impending tariff war impacting the brands you work with and/or your business?

We’re all in cautious land.. @navahhopkins

Everyone is pretty much holding their breath. @NeptuneMoon

Already seeing impact from the brands. Price increases, concerns about currency rates, supply chain challenges, marketing budget cuts in general…@revaminkoff

Fred has been doing more public things so we can lean into the European brand instead of my American tone. not that we’re a US company – most of our team is in India and Chile @navahhopkins

As for my business, I am bracing for major pullbacks and for new leads to dry up. Uncertainty is a business killer on a lot of levels. @NeptuneMoon

The spectrum is Cautious to pull back. QSR is focused on Proudly Canadian and Canadian ingredients. Travel is unbothered. Gov & Public Sector are VERY interested in local media. Heavy-ups on local CTV, OLV, and local audio. @JuliaVyse

I’ve got a number of clients who will be directly impacted by the tarrifs. I suspect several of them will struggle @Pete_Bowen

Mostly sourcing of product for ecom B2B/B2C currently. It has made folks start to look where they are getting products and come up with plans if the tariffs escalate, because at some point it will not make sense to keep the same suppliers with the costs. For travel (the clients I have) have not seen anything negative yet. We still have new bookings coming in from the places we normally get them even overseas for now. That could change as well, and they are planning for stuff just in case. Budgets will shift as needed if we do start to see folks not coming from other areas. It will be a struggle, because product prices will have to go up and the brands cannot eat that cost. @Ichasse

Pretty stoked I’m in the Big 5 based in Japan, not US. (no shade to Ogilvy. It is what it is.) @JuliaVyse

There are a lot of US citizens who knew this would be bad. the silver lining is that the rest are waking up because this pain is actually hitting them. I think we’re going to see a drop of the “no politics” rule soon. @navahhopkins

I don’t know… I am still seeing a lot of defense…@revaminkoff

Although with how much social platforms are tied into the US government…it will be tricky @navahhopkins

Bonus for some e-comm brands – Shein & Temu are going to get eviscerated with the revoking of the de minimus exceptions. @NeptuneMoon

Recession – late 2025. Effects of this will take 2-3 months to reflect. Dollar devaluation is the main reason. Tariff is just the first step..@alimehdimukadam

I agree with @alimehdimukadam that it’s going to get worse before it gets better. And that we’re at the tip of the iceberg now. That’s the part that scares me. @revaminkoff

Agree with @revaminkoff  The die-hard Rs are fixated on the anti-immigrant and trans propaganda and won’t feel the economic pain until it’s too late.  @JeffreyHain

They feel it, though. I’ve seen so many influencers putting out videos talking about the millions they’ve lost. They just might hold back the blame. @navahhopkins

Those two brands (Shein & Temu) suffering will not bring any tears to most brands eyes. I will stay away from the political discussion, because I don’t trust either party if I am being honest. I am not a fan of politics at all, lol. There is a lot of cognitive dissonance in politics. @Ichasse

Oh, I think Shein & Temu should go away, was mentioning as a positive impact. @NeptuneMoon

It’s circle of life. Every country needs certain manufacturing and defense. Can’t outsource everything
Hence need a brand manager to work with agencies. @alimehdimukadam

I’ve noticed a few decreases in marketing spend, but so far the business I work with don’t seem to be directly impacted because they’re SaaS based companies. @DiiPooler

Q3: What, if anything, are you doing or planning to weather this global situation??

You have to sell things people are willing to buy when things get really rough economically. So, putting together offerings that appeal to the desire to save money or stop wasting money is a top priority. @NeptuneMoon

We are building a greenhouse, have stocked up on a year’s worth of food that doesn’t need to be refrigerated, and I’ve diversified my holdings. @navahhopkins

This is the perfect time to pitch audits. I will be positioning that as save costs or increase ROI.. @alimehdimukadam

I will also say this, as a business owner who has weathered 2 major financial crises prior to this one – flexibility will be your BIGGEST asset in this type of environment. Don’t get trapped in trying to sell what you’ve always sold when people don’t want to buy it. Get creative! @NeptuneMoon

Focusing on cost-saving messaging is key. @revaminkoff

We’re luckily very diverse in our partnerships. We’re leaning into analytics and measurement, including how to measure local media impact. On a personal note, no restructuring of accounts, I don’t think that would help anything, but I’m buying more Europe/Asia-based funds. @JuliaVyse

Clients? All of them are being forced to work on creative to up the empathy and downplay any “Made in the USA” language. @navahhopkins

I think this is where good operations managers, CEOs, marketers, etc… can make a difference. We have to plan for different scenarios. In the military they call war games or gaming. You run different scenarios that could happen and come up with some ideas for plans you can initiate if certain things happen. We need to have alternate suppliers, alternate budget allocations, new copy, etc… If this continues longer term (more than 3-6 months) then we need to have an idea of what we need to do. @Ichasse

From a business perspective, did our first ever RIF – I feel terrible about it (which I know I’m not supposed to say out loud) but we couldn’t afford not to be lean. @revaminkoff

Hard to plan for new business scenarios when the playing field can be changed on a whim. @JeffreyHain

I would get ready for AI to be pushed as solutions to replace us as PPC pros a lot harder too. Make sure you have your value propositions ready to combat that. @NeptuneMoon

Yes, this AI push at the same time is what is going to make it worse for all industries. @alimehdimukadam

You plan to be conservative – focus on the P&L, cut things that are unnecessary, keep hustling, and help your clients with whatever they need. @revaminkoff

The other big thing I will say is to plan for the worst, but don’t let emotion move you. Use your data and listen to what it tells you. Everyone one around us is going to be emotional about these topics one way or another, but we need to go to our best friend “data” to make our decisions so they stay grounded. @Ichasse

The thing is… AI can replace a lot of what a Google-only or Meta-only marketer can do. The key is be confident in more than one network. @navahhopkins

@Ichasse Couldn’t agree more. Data should be the north star and key factor, not emotion, hype, propaganda, etc…@revaminkoff

Use this time as the motivation to get better at 1-2 other ad channels so you can help folks weather the storm. @navahhopkins

And changing outlook. Time horizon. If things get worse, it will be for next 18 months. So expanding time horizon will help to ensure long-term alignment. @alimehdimukadam

I agree @revaminkoff on helping clients with whatever they need. Now is a great time to shore up relationships with adjacent providers. The more you can keep clients working with you, even if you are subcontracting out the work you don’t do, the better in tough times. Also, this community will be here as we all continue to try to navigate these rough and uncharted waters! @NeptuneMoon

Yes, also amidst all this is the AI, and even the changes Google is making are going to be huge this year, so we need to keep our eyes on the road and not get distracted by this stuff too much (rubber necking that car accident). There are a lot of significant changes coming our way, and we need to be mindful of the changing landscape even beyond the political chaos we are currently in. @Ichasse

As a small agency, I think we’ll see growth with this. And that doesn’t mean I’m for the tariffs or the haphazard way in which they were implemented… I mean, I think brands will fire in-house W2s and larger, more expensive agencies as they become more focused on paying for quality. We saw some of this in the post-COVID pullback as well. I do think some brands will go the opposite way as well, fire agencies in order to put some poor marketing soul in charge of 20 channels. BUT I think it will be both. So small agencies might honestly be okay. I do think higher-paid in-house PPC employees may be more at risk in this state (I hope not for your sake, if this is you. @PPCKirk

@Ichasse Oh Google will be pushing AI hard at GML in May, so I agree with you 100% @NeptuneMoon

So @PPCKirk  in my experience with 2 of these situations, I would agree that more expensive resources are in the most danger. Be that agency or in-house teams. Brands will start asking, “why are we paying so much for PPC management” and look for ways to cut that way back. While still advertising, which is where AI might be tried to fill the bill. And for some, that will work just fine. We need to be ready to be nimble. @NeptuneMoon

And to work with our clients to find creative solutions. @revaminkoff

Yes! Get closer to your CTV buys, and show search as a value add in a bigger program – if/where you can. for those who are ppc/search exclusive – talk up the data mining and research value of what you do. You are focused on just excellence, not search excellence plus a hundred other things that you can get tasked with when you’re in-house. @JuliaVyse

For clients that are tightening spend, especially those impacted by tariffs, I double down on efficiency: tightening audience targeting, refining keyword intent, and optimizing for actual conversions instead of just clicks. I’m not worried about AI, I’m embracing it – I’m not trying to convince anyone not to use it. I’m more so open to helping them discover if they need it, how to get it implemented, optimizing it, and stepping in when there’s a need for more strategic thinking.  @DiiPooler

Q4: What is the end game here (put on your tinfoil hat if you wish!)? Even wild speculation – where do you think this all ends up?

Well, I think you know how I feel. This dude called us the 51st state, talked about our minerals and won’t take military plans off the table. So my tin hat is very invasion forward, with a soupcon of breaking our economy. Elbows Up. @JuliaVyse

Similar to 1929. But back then they didn’t have words like ‘Quantitative Easing’ & StimulusFed will be under firePrinting machines go brr Or full monetary resetOnly two options sadly..@alimehdimukadam

Ecom is gonna take a dive. Everyone who went Ecom only from 2020 as an agency or freelancer is going to diversify back into other industries. @AndrewRios

@JuliaVyse As a newcomer, I am loving the Canadian patriotism. @alimehdimukadam

I really hope this does not end with the US economy in ruins. The administration lacks basic economic literacy – or at least is acting in a way that suggests that anyone with that literacy is being shouted down. A trade deficit is not an inherently bad thing. We are a huge country with lots of money. Buying more than we sell has been our way for decades and we have had strong economies. I am worried that a true and total crash is the end goal to where the dollar is no longer the standard currency and they try to use crypto instead. @NeptuneMoon

Markets will take a prolonged dive and we’ll be back to 2008/2020. I see people pushing more into working for themselves as large companies keep making cuts. @revaminkoff

There’s a reason central banks globally have been purchasing gold since the last 12-18 months. This was bound to happen. The shock and awe is what’s causing mass panic..@alimehdimukadam

I will say this for your businesses too – you might take pay cuts in your rates and that SUCKS. But 2008 definitely did that to the market and it took years to regain that ground. I hope that we don’t have that again here. @NeptuneMoon

Dollar has to get devalued. It’s a trifecta problem. Sharing a YT link which explained it beautifully – good 20 mins to spend. The fear is 2008 was only financial and housing. This time it’s everything + AI. That’s the scary part. @alimehdimukadam

And I really hope the US does not start a war… @NeptuneMoon

Oh, I am forever the optimist, so I believe it will end up with compromises across the board. The road there will probably be pretty ugly though, and politicians will work to get everyone riled up (they always do). The Fed will take some heat, and things will be very rocky for 2025. Some things were not fair, and that was fair to say, but I heard someone put it well. You don’t take a brick to fix a leaky window. Tariffs are a good tool, but politicians used them with too much of a broad brush. I think we even ended up tariffing one of our own military bases or something that was in another country. I am just hopeful that not too many folks lose jobs and other negative things like that before this is over. @Ichasse

I am working on an explainer on tariffs to share here too. @NeptuneMoon

Possible that the dollar is no longer the world reserve currency, which could start a downward spiral that is unimaginable and far-reaching. Market downturns of 2000 (tech) and 2008 (housing) were due to irrational exuberance and greed. If this gets really bad, it’s self-inflicted. @JeffreyHain

For what it is worth, you can’t successfully tariff industries where you do not have a strong domestic version. That is what tariffs are designed to do – essentially give you domestic industry a little leg up on foreign competitors. Setting up tariffs on industries you wish were here is insanity. All that does is make everything more expensive. @NeptuneMoon

@NeptuneMoon  – plus it makes it harder for domestic manufacturers and producers (think farmers) to compete in export markets. @JeffreyHain

@JeffreyHain You are correct on that. @NeptuneMoon

PPCChat Participants

• Peter Bowen @Pete_Bowen
• Julie F Bacchini @NeptuneMoon
• Reva Minkoff @revaminkoff
• Lawrence Chasse @Ichasse
• Navah Hopkins @navahhopkins
• Robert Brady @robert_brady
• Melissa L Mackey @beyondthepaid
• Julia Vyse @JuliaVyse
• Andrew Rios @AndrewRios
• Ali Mehdi Mukadam @alimehdimukadam
• Jeffrey Hain @JeffreyHain
• Dii Pooler @DiiPooler
• Kirk Williams @PPCKirk

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