The “new economy” advertising sector is the one feeling the biggest pinch from the trend of the general economy. That’s the consensus of a panel of ad experts queried by Wall Street securities analyst at BMO Capital Market, reports Media Daily News.

“Ad budget cuts are being led by former emerging categories that have run into massive headwinds owing to changes in consumer behavior and the funding environment,” BMO’s Daniel Salmon writes in a report sent to investors.

While they did not cite explicit brands and/or categories, Salmon says: “Several speakers agreed that weakness is most acute in the area of direct-to-consumer (D2C) retail, VC-backed startups and cryptocurrencies.”

New economy is a buzzword to describe new, high-growth industries that are on the cutting edge of technology and are believed to be the driving force of economic growth and productivity, states an online report.