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The latest IPA Bellwether report, which covers the third quarter of 2014, has revealed an upward revision of 7.8% for event budgets.
Marketing budgets were revised up for the eighth consecutive quarter, the third highest level in the survey's 14 year history.
A net balance of 12.6% of companies registered an increase in budgets during Q3 of 2014, extending an unprecedented period of growth. The Q3 report, which marks the mid point of the 2014/15 financial year, suggests that full-year marketing budgets are on course to be higher than initially set earlier in the year.
The report predicts an adspend growth of 7% in 2014 in line with upbeat economic data showing an increasingly positive UK business climate. However, with this growth, there is an increased chance of higher interest rates which is predicted to slow growth and result in lower adspend growth (3.8%) in 2015.
Along with the upward revision to event budgets, modest upward revisions were seen for direct marketing (+2.1%) and PR (+1%). The sharpest upward revisions to marketing budgets were made to internet (+14.5%) and main media advertising (+9.2%).
In contrast, there were reductions in budgets for sales promotions (-1.1%), market research (-1.7%) and other (-4.7%).
Paul Bainsfair, director general, IPA, commented: "Two years of continuous investment in marketing budgets, coupled with sustained confidence, has enabled the industry to innovate and diversify and, crucially, drive business growth.
"It is good to see companies adapting to the complex media landscape and capitalising on the positive economic climate."