Marketing spend has been revised up at its strongest level for the last 13 years, according to the latest IPA Bellwether Report.
The organisation, which has only been conducting the survey since 2000, revealed a net balance of 12.3% of companies seeking to increase their marketing budgets during Q3 of this year. That’s compared to +7.3% in Q2 and marks the fourth consecutive reading above zero.
Respondents to the survey stated that the improved economic conditions and business revenues had led to the positive outlook.
“This latest Bellwether report will provide a welcome boost to our industry, building on last quarter’s results. It indicates that companies are beginning to move forward away from the recession and that the UK economy is on the rise again. This optimism will send a continued upbeat message to the advertising industry and the wider economy,” stated IPA director general Paul Bainsfair.
Broken down by sector, internet budgets rose more than any other, with a 11.7% net balance. Search engine optimisation (SEO) was revised upwards to 7.7%, while main media advertising saw its strongest growth since Q3 2010 (+3.4%).
However, Direct Marketing (-3.4%), Events (-1.1%), Market Research (-3.0%), PR (-1.7%) and “Other” (-1.1%) showed reductions.