Businesses are devoting more and more resources to promoting their brand online, new figures have revealed.

According to the latest IPA Bellwether Report, the internet saw the greatest increase in marketing investment during the third quarter of the year.

Events marketing also performed strongly during this period, while spending on main media marketing went up as well.

This helped to push up the headline figure for UK marketing budgets, as declines were recorded in other areas, such as PR, market research and direct marketing.

Paul Bainsfair, director general of the IPA, noted that marketing spending growth has slowed down slightly in the last few months, but said this had been anticipated in the Q2 report.

Furthermore, he said it is important to note that growth is still in positive territory.

“More specifically, there are upwards revisions to internet, events and main media advertising budgets in Q3,” he continued.

“We are seeing marketers demanding greater accountability, physical presence and share of mind in their planned marketing spend.”

Paul Smith, senior economist at Markit and author of the Bellwether Report, added that the latest data comes in the wake of a record run of expansion in marketing budgets.

He said this period “includes the strongest upward revisions on record”, which means “the correction in growth seemed likely”.

“Focus is therefore probably better placed on the continued expansion in budgets and the welcome news that marketing executives are continuing to adapt a prudent, targeted approach to marketing strategies,” Mr Smith stated.

Growth of marketing budgets continues as confidence eases in Q3 2015 Bellwether Report, IPA