Where's the money gone?

I was talking to the owner of an independent, multi-national creative agency yesterday. I'm a freelance copywriter/CD, and I was talking about how the last 6-months have been dead quiet. Everything has just stopped.

She told me that it's the same she's seeing across her network. Towards the end of last year, suddenly all their clients' budgets shrank 80-90%. Even McDonald's, who are traditionally one of the biggest spenders, has slashed their marketing budgets dramatically.

I was wondering if any of my r/advertising buddies were experiencing the same? Any insight into what's going on... Is it AI, the war, or fear of a coming economic correction.