You haven’t read here about Gartner’s July report that marketing budgets fell dramatically in 2021 because the result was so far out of line with other surveys that it didn’t seem worth mentioning. But Duke Fuqua’s latest The CMO Survey solves the mystery: like Gartner, they report that marketing budgets fell as a percentage of revenues, from 13.2% in 2020 to 8.6% in 2021 (Gartner’s numbers were 11% to 6.4%). Unlike Gartner, Duke Fuqua also reports marketing spend as a share of company budgets rose from 11.7% to 12.1%, clarifying that revenues rose sharply in 2021 while company budgets did not. So the Gartner numbers may be right but the implication that actual marketing spend fell is wrong. As always, there’s plenty more worth reading in the Duke Fuqua report.