The study, which is based on the views of 600 marketing leaders and executives worldwide, found that more than 60% were prepared to invest in their brand, with IT companies most likely ( 41%) to retain marketing spending.

Manufacturing ( 34%) and professional services ( 34%) also indicated they were prepared to retain current levels of marketing spending despite the pandemic-induced economic downturn.

However, 68% said that business resilience was becoming more important, and 59% said that future cash flow was becoming a priority.

Profit growth, conversely, was deemed less important was was cited as a priority by 28% respondents.

Respondents were more focused on short-term decision making, with 450% doing so for commercial decisions and 36% for marketing.

Half of respondents said that emotional messaging was the key to acquiring new customers, and 79% said long-term marketing investment is key to sustainable growth during Covid-19.

Janet Hull, director of marketing strategy at the IPA, said: “To recover, we need upbeat sentiment which we see in terms of company attitudes, together with investment to underpin this, which we see in terms of the maintaining of marketing expenditure in some significant sectors.

“Let’s hope company boards and marketers play close attention in order to build their business’s long-term resilience and success.”