Net balance of +15.7% of UK companies could upwardly revise their total marketing budgets in 2020/21

New Ideas in MarketingEssential news for marketers, summarised by YouGov
January 15, 2020, 12:29 PM UTC

This is a notable improvement from the 2019/2020 forecast of +3.4%.

According to the IPA Bellwether Report, the clear general election results of December may have alleviated marketers’ concerns and elicited a positive outlook about 2020. A net balance of +4.0% of surveyed firms altered their total marketing budgets in the fourth quarter, from -0.5% in Q3.

Marketing spending in the 2020/21 budgeting year is expected to be promising. A net balance of +15.7% of companies are anticipating an upward revision of their total marketing budgets.

Bellwether Report’s Joe Hayes says that companies may be releasing the “pent-up investment” that was on hold due to the political and economic uncertainties in the UK business climate. However, risks remain if a “business cycle recovery doesn’t fully materialise and Brexit uncertainty descends again”.

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