IPA Bellweather: Marketing budgets see biggest growth since 2014

Posted on Friday 19 January 2024 | IAB UK

Despite a challenging market backdrop, many companies have taken a proactive approach to their marketing, increasing budgets rather than focusing on short-term savings, according to the latest IPA Bellwether Report

New data released by The Institute of Practitioners in Advertising (IPA) shows total marketing budgets rose in Q4 2023 - up 14.7% - the highest increase recorded since 2014.

The IPA’s latest Bellweather Report, a quarterly study that surveys marketers’ confidence and media spend decisions, revealed that the growth meant an 11th consecutive quarter showing a net increase in total marketing budgets, the longest uninterrupted period since 2018.

Commenting on the news, Paul Bainsfair, Director General of the IPA, said: “Despite the challenging economic climate, this quarter’s upbeat Bellwether findings show that companies are heeding the evidence that continuing to advertise through the tough times can help maintain brand loyalty and protect the long-term health of their brands.”

Other findings include:

  • Over one quarter (26.0%) saw total marketing budgets rise in the fourth quarter of 2023, more than double the proportion registering cuts (11.3%)
  • Direct marketing saw its greatest upturn (net balance of +12.6%, from +4.3% in Q3) since the opening quarter of 2005
  • Other online advertising experienced a net increase of +13.2%, up from +9.1%
  • Events was the best-performing sub-category of marketing in the final quarter, recording a strongly positive net balance of +15.9%

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