Editorial: Take nothing for granted in a contradictory 2006.(in advertising)(Editorial)

The coming year promises to be one of curious contradictions. While the housing market is appearing to steady, there is little sign this will lead to consumer confidence, and with it better fortunes for agencies.

And while the need for clients to increase marketing budgets has probably never been greater, those same clients expect their procurement specialists to stamp down on costs harder than ever.

Perhaps such ambivalence has something to do with the odd state of the global economy. Inflation has been largely tamed in the developed world, yet a series of unprecedented threats - from terrorist outrages to soaring energy costs and overcapacity - ensure the outlook remains uncertain.

Moreover, it becomes much harder to predict when the current downturn (if that is what it is) will end. This is complicated by what now looks like a recovery whose speed is variable. New media grows faster than traditional media; Western economies are being outpaced by those of Asia. According to some analysts, we are experiencing a boom without realising it. All that is happening is the previous volatility is disappearing and that 'boom' will not feel like 'bust' when it ends. ...