The survey, which reviews quarterly market trends,
As reported by Brand Republic earlier today:
23% of companies reported a reduction in ad spending
22% reported a rise
(Ad spending down by 1.1%)
Overall media budgets cut by 1.7%
Internet ad-spend grew by 5.1%Client confidence for industry prospects dropped to -17%
Nicola Mendelsohn, the president of the IPA, said: "With renewed concerns surrounding the economy both at home and abroad, in particular the problems surrounding the eurozone, it's not surprising the signs are less encouraging. However, given this situation, things do seem to be holding up. Spend is down, but only very marginally."
Chris Williamson, chief economist at Markit and author of the report, said: "This perhaps reflects a more pragmatic approach to budget setting, given that initial increases in budgets were steadily revised away in the past two years, as weaker than expected sales caused firms to cut marketing costs. However, with the coming year seeing events such as the Olympics, Diamond Jubilee and Euro 2012, it is likely that the year will again see an increase in marketing spend."
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