Good point. Overall the industry will do fine since there are no alternatives. However Facebook might be hit a bit harder, arguably. What advantage do they offer over Tiktok for instance? I don't believe they dont offer a premium but some companies might take their money elsewhere.

Yes, the money might go to different platforms; wherever the eye balls are.

The ROI on ads will go down meaning less money will be spent on them. Buying ads doesn't magically give your prospective customers money to buy your product either. If people struggle to make ends meet, no amount of ads will change that.

Even if ROI on ads go down, it just means when one company's budget is exhausted, other companies will display their ads now for a keyword since there is a bidding system for ads.

On the slowdown front, some companies work in industries with inelastic demand. They advertise to stay in forefront and these ads won't go away.

Then there are companies in the want-based sector and they rely heavily on ads. I don't see this changing even with a reducing consumer appetite. They can't afford to be out-marketed as long as there is demand of any kind.

The only place where I see some reduction would be in the VC-funded consumer space in developing markets that rely heavily on cash backs and incentives as a way to get customers onboarded. I feel there will be a major push back on them.