Crain’s New York Business 2022 Professional Services Spending Forecast: Accounting, Financial and M&A Advising, Insurance, Legal, Management Consulting, Marketing, Training

Crain’s New York Business 2022 Professional Services Spending Forecast: Accounting, Financial and M&A Advising, Insurance, Legal, Management Consulting, Marketing, Training

New York business leaders are bullish on the prospect of revenue growth for their organizations in 2022, and a majority project their overall spend will increase next year over 2021, according to a Crain’s survey of 96 local executives across all industries conducted September 14-30.

Nearly three in five executives, 59%, believe their revenues will grow next year, with 19% expecting revenue in 2022 to roughly equal the 2021 level. Only 16% project lower revenue next year, with an additional 6% unsure or declining to answer.

About half, 49%, say their overall spend will increase in 2022, with an additional 42% expecting it to stay the same as 2021. Only 5% of business leaders expect their spend will go down next year, with 4% unsure or declining to answer.

When it comes to projected spending on professional services for 2022, the categories most likely to see increased outlays next year include…

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The survey gathered responses for each professional services category–Accounting, Legal, Financial and M&A Advising, Insurance, Management Consulting, Marketing, and Training–on the following key questions:

How much does your organization, in total, expect to spend with external vendors in each of these categories by the end of 2021?

Did the amount your organization, in total, spent with external vendors increase or decrease in 2021 compared to 2020 for each of these categories–and by how much?

Do you expect the amount your organization, in total, will spend on external vendors in 2022 will increase or decrease compared to your 2021 spend–and by how much?

What are the reasons for that expected increase or decrease in spending?