Publicis Group CEO says advertisers are pacing, not panicking

In the measured language of quarterly earnings calls few phrases say more with less than “cautious but competitive”. That’s how Publicis Groupe CEO Arthur Sadoun described the mood among advertisers as tariffs cast a long shadow over the global economy and subsequently ad spending.

As President Trump administration’s tariffs keep the world guessing, marketers are starting to weigh the consequences: thinner margins, shakier pricing and the return of financial scrutiny across every marketing line item. No one’s pulling out. But no one’s doubled down either. 

“To be clear, our clients are going to wait to see if there is more visibility before starting to invest,” Sadoun said on the group’s quarterly earnings call on Tuesday.

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