Media agencies are also placing unprecedented pressure on them to deliver more for less. Once the most glamorous medium to work in, the situation is epitomised by the presence of McKinsey consultants at Conde Nast's New York head-quarters, with gossips claiming its editors have been reduced to lunching in the staff canteen.
The fashion monthlies sector as a whole has been particularly badly hit with some titles suffering a double-digit percentage drop in ad volumes over the past six months, according to industry estimates. Elle, for example, has lost 12% of its ad pages year on year; Marie Claire 14%; Company 19%; and Cosmopolitan 20%. While no publishing house will admit to ditching its rate card, many openly blame the decline in revenue on supermarket-style BOGOF deals.
What's more, the latest ABC figures show that seven of the 10 highest-circulating fashion monthlies have suffered a decline year on year. Hardest hit has been Marie Claire, the circulation of which fell by 10% in the year to June.
As brands now expect more for their marketing budget, so they are willing to shop around for the best ways to reach consumers.
'For the first time ever there is a credible threat from other media,' says Kelly Parker, business director at media agency MPG, which works on luxury brands including perfume distributor Kenneth Green. 'Clients are not putting all of their budget in one place, and when the circulation figures are down, people are asking why they should pay the same rates as last year.'
However, Richard Johnstone, publishing director of Marie Claire, says IPC is protective of its ad rates. 'If you drop ad rates, it is then difficult to rebuild them,' he explains. 'Magazines remain a great vehicle for fashion and beauty brands, as well as having a halo effect, and advertisers understand that.'
This halo effect may be fading, though, as magazines slim down to compensate for the loss of ads.
Nonetheless, Tess Macleod Smith, group publishing director at Harper's Bazaar and Esquire, is another who says magazines at the top end of the market will not budge on ad rates. 'Advertising is much tougher now, but the big, strong brands have continued with their investments,' she adds. 'Only the smaller brands have perhaps gone for a page rather than a spread.'
A loss of ad revenue could place publishers in a vicious circle, with a resulting drop in editorial investment leading to falling standards, and fewer still readers, driving down ad revenue even further.
Rob Lynam, press director at Mediaedge:cia, echoes MPG's Parker by reiterating that advertisers expect a reduction in rates when circulation is down. 'Publishers won't want to drop prices but advertisers and their agencies will be looking to negotiate on price.'
The influx of weekly fashion titles has exacerbated pressure on the monthlies. David Davies, managing director of women's weeklies at Bauer Consumer Media, says Grazia is competing well with the monthlies and its ad volumes for September are up. IPC's Look is another strong weekly, with a circulation of 315,000, compared with Grazia's 229,000.
Dominic Williams, press director at media agency Carat, argues that, overall, the fashion monthlies sector has not performed too badly, down just 2.8% year on year. He does, however, sound a warning. 'There are too many magazines, and people are reading other things such as The Sunday Times Style supplement and weeklies. Some will be forced to close,' he says.
Women's magazines remain a vital advertising channel for brands. Reaching 6.5m women every month, the sector is the fourth-biggest in the UK magazine market. In comparison, the men's lifestyle magazine sector reaches a relatively lowly total of 2.1m readers a month. Women clearly value magazines, and research shows they are an 'affordable treat' for which consumers are willing to pay.
Advertisers will always want to tap into fashion, and magazine owners hope that the fourth quarter will show signs of recovery. However, something has to give, and this will likely manifest itself in a reduction in page rates.