IPA Bellwether Report is a UK Marketing Survey.

The IPA Bellwether Report, a quarterly survey of UK marketing budgets, has revealed that the total marketing budgets in the UK were revised up to their most substantial level in almost a decade in Q4 2023. Despite the challenging backdrop for UK businesses, many companies remained proactive in the market instead of withdrawing into cost-saving mode.

The Rise of the Total Marketing Budget

In Q4 2023, 26.0% of panellists saw total marketing budgets rise, compared to 11.3% of respondents who saw cuts. The resulting net balance of +14.7% was up sharply from +5.3% in the third quarter of last year and its highest since Q2 2014. This extended the current sequence of expansion in total marketing budgets to 11 quarters, the most extended uninterrupted period of sustained growth since 2018.

The best-performing marketing sub-categories in the final quarter were Events and Direct Marketing. Events recorded a strongly positive net balance of +15.9%, its highest in a year and a half. In comparison, Direct Marketing saw its most significant upturn (net balance of +12.6%) since the opening quarter 2005. These two categories were the principal drivers of total marketing budget growth at the end of 2023.

Leading media experienced a slowdown compared to the previous quarter, where it was the top performer. Underlying data revealed mixed trends, with other online advertising and video contrasting with contractions in published brands, audio, and out-of-home.

Robust Outlook in the UK

According to preliminary budget setting data, the outlook for 2024/25 total marketing budgets is growing. Budget expansions were seen at 44.5% of respondents, around triple those restricting spending plans in the 2024/25. Consequently, a net balance of +29.4% of companies with more substantial budgets than the last financial year showed a robust outlook for UK marketing.

S&P Global Market Intelligence forecasts that the UK economy will rise by 0.5% in 2023, a slight increase from the 0.3% forecast in the Q3 report. However, the UK expects a technical recession in the fourth quarter of 2023. The outlook for 2024 is challenging, with a forecast for a 0.1% contraction as high borrowing costs and still-elevated inflationary pressures constrain economic activity.

The latest IPA Bellwether Report has revealed that total UK marketing budgets were revised to their most substantial level in almost a decade in Q4 2023. Despite the challenging environment, many companies remained proactive in the market rather than withdrawing into cost-saving mode. The latest Bellwether data showed a widening divergence between company-owned and industry-wide financial prospects during the final quarter of 2023. Firms felt more bullish towards growth prospects than three months prior but remained concerned about the outlook for their sector as a whole.

2024 Remains a Challenging Outlook

The outlook for 2024 is challenging, with a forecast for a 0.1% contraction as high borrowing costs and still-elevated inflationary pressures constrain economic activity.

Get ready for some incredible experiences and opportunities to connect with your brand. Keep an eye out for updates as we get closer to the big year! Until next time.

B-Concept Group: Where Vision Meets Execution

Welcome to B-Concept Group, the epicentre of event innovation and experiential design. Our passion is transforming ordinary occasions into extraordinary memories, leaving an indelible mark on every attendee’s heart.

Our Philosophy: At B-Concept, we believe every event is a canvas waiting to be painted with vibrant colours of creativity, precision, and flair. We don’t just plan events; we engineer experiences that resonate, inspire, and engage.

What We Do:

From corporate conferences to grand-scale productions, our portfolio is as diverse as it is dynamic. We specialize in:

• Corporate Events: Conferences, gala dinners, seminars, and retreats that empower and enlighten.
• Entertainment Productions: Concerts and shows that captivate and entertain.
• Brand Experiences: Product launches and brand activations that create buzz and interaction.
• Social Occasions: Galas and celebrations that honour tradition and innovation.

Our Approach:

We merge the latest technology with timeless elegance to create seamless events. Our team of experts handles every detail with meticulous care, ensuring a flawless execution from concept to curtain call.

Connect with Us:

Join our journey as we push the boundaries of what’s possible in event management. Follow us for insights, inspirations, and behind-the-scenes looks at how we bring the magic of B-Concept to life.

For more information about this press release, contact press@bconceptgroup.com.

B-Concept Group

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