The increase in marketing budgets is because of looser lockdown restrictions, pent-up consumer demand and a strong economic outlook
According to an IPA Bellwether report, marketing budgets in the UK have grown to record the most robust growth rate since Q2 2017. UK GDP is projected to recover from losses owing to the pandemic by mid-2022.
Similarly, company-level financial prospects have been at their optimistic best since Q1 2015. The report also reveals that ad spend is expected to grow sharply between this year and the next, with digital advertising up by 10.6% in Q3 2021.
8.6% of all leading media advertising companies reported an upward revision to current marketing budgets. Direct marketing follows this, at 5.6%. However, marketers also need to be wary of future challenges in the form of additional lockdowns, supply chain problems and Brexit-related complexities.
[4 minute read]