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Marketing budgets in UK 'increasing'

10/04/2015

The marketing industry in the UK is looking in good shape, after the Institute of Practioners in Advertising (IPA) Bellwether Report offered grounds for optimism for both brands and agencies looking to pick up new business.

This could also prove to be positive news for marketers planning to make a move into a new role, with the IPA study noting that marketing budgets have been revised at their highest rate since 2007, reports Campaign Live.

With businesses also more upbeat about their marketing prospects, it seems that the slight malaise the industry has been suffering since the onset of the economic crisis could be lifting to some extent.

Of the survey panel, 43 per cent of firms have grown more confident, while only 16 per cent have become more pessimistic.

Furthermore, 22 per cent of marketing firms have revised their budget upwards for the coming months. While 16 per cent are planning to reduce their spend, indicating some discrepancies within the market, it's clear that positivity is winning out in the sector.

Paul Bainsfair, the director-general of the IPA, shored up this idea with the admission that the current situation is "extremely encouraging", especially compared to the doom and gloom of previous years.

"Things are on the move, and that's what we’ve been waiting for for a long while. We've known for some time that many big corporates are sitting on a lot of cash. It's inevitable that they will start spending again because ... they are all defending their positions in the market," he added.

What skills should budding marketers bring to the table to get involved with this spending boost? Well, online has continued to be at the centre of outgoings, with the budget expended on this area up to an average of 17.4 per cent - a significant increase from last quarter's 8.9 per cent.

However, with plenty of the UK's £16.7 billion advertising industry still focused on offline, marketers can choose to get involved in this area too.

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