Companies in the UK are continuing to invest more heavily in marketing, new figures have revealed.
According to the latest IPA Bellwether Report, marketing budgets went up again during the first quarter of 2015.
Online marketing was one notable area of growth, with companies spending more on search engine optimisation in particular. Events budgets and direct marketing also increased between January and March this year.
Paul Bainsfair, director-general of the IPA, commented: “With over ten successive quarters of growth in marketing budgets and the best budget year for marketing spend in a decade, this latest Bellwether provides welcome evidence of the extent to which clients recognise and value the significant contribution marketing communications makes to their business success.
“This stands us in good stead for what is set to be an unsettled few months politically.”
Paul Smith, author of the report and a senior economist at Markit, added that the latest figures show a re-acceleration of growth in marketing spend throughout the first quarter of 2014.
He described this as a welcome development and said marketers currently appear to be “shrugging off” any uncertainty surrounding the fact that a general election is coming up.
Mr Smith added that the latest figures suggest businesses in the UK intend to bolster their budgets for the next accounting period to the highest level seen in almost a decade.
As a result, he is confident that growth will continue to be seen in 2015-16, and that there will be a strong real-term increase in adspend throughout 2015 as a whole.
Posted by Robin McCrink