Turns out the economic meltdown wan’t a downer for all financial services advertising.
Not surprisingly, credit card services companies, like troubled bank Washington Mutual, Discover and Visa, cut their TV ad spending in September as the financial crisis began to roil, as did the mortgage advertising, big time. But the ad volume for the folks who try to get people out of debt or try to collect on bad debts was up from last year at the same time.
According to Nielsen Monitor-Plus, advertising by credit card services was down by almost a quarter (23.66%) for the first three weeks of September (Sept. 1-21) vs. the first three weeks of September 2007.
Advertisng for mutual funds was down even more--29%--over that same three-week period, but mortgage services, which are at the root of the financial crisis--were down a whopping 49.84%, continiuing its underperformance in July and August, which were down about the same percentage from year-ago numbers.
Also down were loan company and financial services ads.
But ads for credit services and relatively safer places for money like checking and savings accounts--depending on the bank, of course--and for credit unions were all up
Ads for Credit services--companies who collect on bad debt, counsel how to get out of debt, or offer credit reports--were up by 28.9%, while ads for bank services like checking and savings were up by 18.05%, and ads for credit union ads were up 11.19%, all compared to the first three weeks of September 2007.