PwC director David Chubb told printweek.com that for a "tough sector" such as print, which is "always facing massive challenges", the after-shocks from the downturn are yet to hit home.

He said that a drop in consumer confidence would show when companies make new decisions, "such as signing new print contracts and that's when printers may feel the effect".

Chubb added that if there is a level of uncertainty within firms, then it's "more than possible" that print work, such as advertising campaigns, could be cut or downscaled. He said there would be a "lag" before print "really feels the force" of the decline.

"If there is an oversupply in the market then people will be competing on price, which will inevitably cause some smaller firms to die out," said Chubb.

However, he added: "We have to be careful not to talk people into a recession."

Chubb added that those businesses fortunate enough to escape unscathed have the opportunity to "plan, innovate and safeguard your business if the same were to happen again".