The latest IPA Bellwether survey says that UK companies are accelerating their marketing budgets at the fastest rate since the survey began in 2000.
About 30% of UK marketing executives report that they have made upward revisions to their annual marketing budgets in Q1, while 10% revised them lower. That net balance of 20% is almost twice that of the previous quarter, the biggest increase in the survey's 14 years. It's a boost in optimism that "paints a remarkably buoyant picture for the rest of 2014" said Chris Williamson, author of the report.
The IPA forecasts that advertising spending will grow 4.7% in 2014 in real terms. One interesting twist to the numbers is that although all marketing sectors increased their budgets, the largest upward revision was for traditional forms of media.
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