Marketing budgets increase at record rate
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.