Marketing leaders across Spain are signalling cautious optimism mixed with economic concern for 2026 as they plan marketing strategies amid expectations of a slowing economy and modest growth in marketing spend. According to the latest marketing barometer from the Asociación de Marketing de España (AMKT) — based on a survey of 229 Spanish Chief Marketing Officers and senior marketing leaders — while companies still expect modest increases in sales, broader economic uncertainty is tempering confidence and shaping how budgets will be allocated this year.

The barometer shows that sales growth expectations for 2026 are around 3%, but this figure represents a slight decline compared with previous periods, reflecting concerns about a decelerating macroeconomic backdrop and lingering global uncertainty. The perception of market conditions also dipped, with many marketers reporting that they feel less optimistic about broader economic prospects than just six months ago.

Economic headwinds cited by respondents include inflationary pressures, interest rate fluctuations, and political and regulatory uncertainty — all factors that are influencing strategic decisions around advertising and promotional investment. Despite this, sectors such as tourism, technology and automotive finished 2025 stronger than expected, while industries such as education, media and health lagged behind, resulting in varied expectations across different sectors.

In terms of marketing investment, the AMKT survey suggests that overall marketing budgets are forecast to grow by about 1.5% in 2026, with marketing spending as a proportion of revenue rising slightly from 6.9% in 2025 to an anticipated 7.3% in 2026. However, advertising investment growth is slowing, with a projected increase of around 1.2%, down from stronger expectations in the latter half of 2025.

The survey also highlights that intelligence and technology — particularly AI — are expected to be central priorities for CMOs in the year ahead, as leaders look to leverage new tools and insights to drive efficiency amid tighter economic conditions.

Overall, Spanish marketing leaders are navigating a landscape marked by both opportunity and caution in 2026, balancing restrained economic forecasts with strategic investments in technology and innovation to sustain brand growth.