Confidence seems to of been restored amongst marketers as 2014 is set to see budgets reach their highest levels since the 2008 financial crash. Bellwethers most recent report highlights that 26 per cent of companies are planning to increase their marketing budgets year on year in 2014, this was complimented by a strong Q4 in 2013 which saw 11 per cent of companies registering an increase in budget spend.
The reason behind this anticipated growth is due to confidence among marketers. Almost half of firms stated that they were optimistic about the outlook for their own companies performance and finances, 35 per cent anticipated improved performance for their peers, and around 26 per cent expected to see actual growth during the coming year.
This timely news coincides with recent growth in the UK economy, thinktank stated that the economy grew by 1.9 percent in 2013. While the Fiscal watchdog forecasts economic growth to be at 2.4 per cent for the upcoming year.
Both Chris Williamson, Chief economist at Markit and author of Bellwether, and Paul Bainsfair, Director general of IPA, described the results as "upbeat". Both believe this news was particularly positive in terms of sustained economic growth.
This report compliments the Advertising Association’s upward revision of its 2013 and 2014 ad spend forecasts earlier this month. Spend is expected to grow to £17.8bn and £18.8bn respectively. Along with the CIM and Bloomberg’s Marketing Confidence Monitor at the end of 2013 with similar results.
Thursday, January 16, 2014
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