Omnicom Group Inc. (NYSE:OMC) Q4 2022 Earnings Call Transcript

Craig Huber : And my second question, John, for 2023, what industry sectors are you most bullish about when you compare it to that 3% to 5% initial organic revenue growth outlook for this year? Is it healthcare, travel, retail, what would you point to, please?

John Wren : Well, the one that I can point to with real confidence is healthcare. I think they’re increasingly new discoveries, new products all the time in the healthcare area. I’m confident that everybody on the planet is going to have to eat food and drink beverages. So that sector of our business, I’m comfortable with. Our tech sector I think we’re going to suffer, get a little pain there, and we planned to quarter because of the payment those — some of those companies are going through. But they’ll reinvent themselves very, very quickly, and I’m very happy to have them as clients, even if they’re facing challenges. In the auto sector, I think two interesting things are going on and clients have to continue to market in order to address this.

One is there hasn’t been a lot of new product in the past three years because the supply chain problems which have now been, for the most part, solved by most major car manufacturers. And the second thing, which clients have to continue to bring their brands and promote their brands in order to be participants in this area is electric cars and the requirements of that to show progress in their product. So travel, I’m not going to comment. I can speak for the red household, nobody shied away from it, but I don’t know that much about anything else. Our clients are bullish. But everybody — every CEO that I speak to truly believes in their products, believes in their future and is cautious and appropriately cautious about the financial conditions of central banks and the Fed and where interest costs are going to go.

So hopefully, that answers your question. That’s about the best I can do.

Operator: And with no further questions in queue, I’ll turn it back to our host for closing comments.

Phil Angelastro : Thank you all for joining us on the call today. We appreciate you taking the time, and I will talk to you again soon.

John Wren : Thank you.

Operator: That does conclude our conference for today. Thank you for your participation and for using AT&T Conferencing Service. You may now disconnect.