In a panel of 1,295 executives, European respondents said they were most pessimistic over the extent to which marketing will continue to be affected by the ongoing Eurozone crisis. Asia-Pacific was also hit hard by fears of a slowdown in China.

Medium by medium, television delivered its weakest returns since the first GMI data was collected in October 2011, down by 5.4 points to 44.2 points, having previously seen demand remain resilient. Press, on 33 points, radio ( 39.5 points) and outdoor ( 46.4 points) also all shrank month on month, the analysis revealed.

In contrast, digital channels registered 73 points, indicating a significant rise in interest, and mobile, which is counted separately, received 65.9 points.

Suzy Young, data editor at Warc, said: “Uncertainty continues to impact global confidence. Marketers have chosen to cut investment while they gauge the situation in the eurozone. There will be little stability until businesses are convinced a resolution to the crisis has been found.”