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: vital element of the internet’s much-vaunted effectiveness.

Some industries will cut ad-spending more deeply than others, says James Walker of Accenture Marketing Sciences. Many banks, hit hard by losses, have already cut back on their spending, according to media executives. Makers of cars and luxury goods and other dispensable items will be more exposed to a recession than companies that sell necessities. Bart Becht, chief executive of Reckitt Benckiser, a British consumer-goods company that makes dishwashing powder and other basic goods, says his firm is not planning to cut its media budget for this year, “though we may advertise less on TV.” Watch this space.