Shai Luft.
Tariffs today, walk-backs tomorrow. In classic Trump style, the rules of global trade are being rewritten daily, on a whim, a tweet, or a talking point. The latest? Eye-watering tariffs on Chinese imports, some reaching 145%, with threats of more to come.
This isn’t just a US-China scuffle. This is a full-blown international shockwave and it’s already shaking Australia’s economy, spooking consumers, and sending marketers scrambling.
The result? Chaos. Brands are pausing campaigns, retailers are reassessing stock and pricing strategies, and media budgets are being rewritten on the fly. Confidence is crumbling, not just in financial markets, but in households around the world. And if you’re in media or marketing, you’re already feeling the effects where it hurts most: indecision, delays, and disappearing dollars.
Australia might not be a high priority on Trump’s trade fury but make no mistake: when the global economy gets rattled, it rattles us too. Tariffs like these tighten margins, shift manufacturing costs, and unsettle investor confidence, none of which bodes well for brand campaigns or media budgets.
Already, some of Australia’s biggest retailers - think Kmart, Bunnings, Big W - are preparing for price hikes and potential stock shortages as Chinese suppliers grapple with export constraints and pass those pressures downstream. Expect that to trickle into marketing teams too, where “launch timing” and “campaign strategy” suddenly become moving targets.
This isn't just economic theory; it’s happening in real time. Energy giants like Woodside and Santos saw their shares slump after global oil prices wobbled in response to trade tensions. Pharmaceutical heavyweight CSL dropped 5% after tariffs hit the pharma category, spooking investors and tightening belts. And as companies brace for supply chain headaches and cost increases, marketing budgets are often among the first to feel the squeeze.
That means slower decision-making, more cautious messaging, and an increased demand for performance proof: less flash, more ROI.
Brands, publishers and platforms are taking hits too. U.S. tech companies such as Meta and Google - which form the backbone of digital advertising in Australia - are facing cost pressures on hardware, logistics, and cloud infrastructure. Those costs don’t disappear, they get passed along, often in the form of higher CPMs or leaner support for advertisers.
And let’s not forget global brands that operate out of the U.S. are reassessing ad commitments, waiting to see how the dust settles before making any big moves. Some Australian publishers are already reporting delays on international ad spend, particularly in tech and automotive.
Another factor that can’t be ignored: baby boomers. Over the past few years, retirees and older Australians have been among the most reliable spenders, benefiting from rising property values, low debt levels, and strong superannuation returns. They’ve helped fuel everything from travel to luxury goods to household renovations.
But that engine is now stalling. With market volatility wiping billions off super balances and consumer confidence among over-65s plunging to record lows, this once-resilient segment is tightening its wallets. That’s a major concern for marketers who have increasingly banked on this high-spending, financially stable cohort to offset softness in younger, more debt-laden demographics.
Less discretionary spending from boomers means tougher competition for the share of wallets and that calls for smarter targeting, sharper messaging, and more strategic media placements.
Time to Shift Gears, Not Freeze
Now is the moment to pivot with purpose, not to pause and panic. Market turbulence creates winners and losers, and marketers have a choice: get caught in the crossfire or lead through the chaos.
It’s time to get uncomfortable, get strategic, and get closer to your audience. Here’s how:
1. Localise Like You Mean It
Global narratives are breaking down. What’s happening in the U.S. or China might start the ripple, but how it lands in Sydney or Melbourne is a different story. That means national campaigns need nuance, not just translation, but transformation. Messaging must reflect rising prices, fluctuating sentiment, and shifting expectations. Consumers are feeling the pinch, and they want to see that brands get it.
2. Diversify to De-Risk
Many marketers have been over-reliant on the major digital platforms, but global economic instability and rising media costs mean it’s time to rethink that mix. Look to diversify spend across channels and partners: programmatic, retail media, CTV, audio, DOOH. Testing local platforms and emerging channels isn’t a luxury anymore, it’s a hedge against disruption.
3. Reframe Value, Not Just Price
Consumers aren’t necessarily spending less; they’re just spending smarter. Brands need to speak directly to that mindset. That means moving beyond price points and into positioning. What makes your product worth it? What problems does it solve? What role does it play in their lives right now? In times like these, value is about relevance, not just discounts.
4. Lead With Strategy, Not Panic
Too many brands hit pause when the economy gets wobbly. Smart marketers know that’s when you double down, not with more spend, but with more strategy. Use data to identify where consumer confidence still exists. Reallocate budgets towards performance-driving formats. Get ahead of shifting demand rather than reacting to it too late. Strategy is your stabiliser, not just for clients, but for your team.
Don’t Wait for the Recession to Be Official
We’ve seen this story before. Trade shocks lead to volatility. Volatility slows spending. Spending slowdowns hit marketing first. But here’s the thing: agencies and marketers that act now, who adjust, rebalance, and stay transparent with clients, can grow through this. Brands don’t need less marketing in tough times. They need better, more relevant marketing.
So no, this isn’t business as usual. Trump’s tariffs might feel a world away, but for Australian marketers, they’re a very real wake-up call. This is the moment to get uncomfortable, get creative, and get closer to the numbers.
Because in this campaign, no one gets to sit out.
Shai Luft, Co-founder and COO at Bench Media