The latest Bellwether report has found that businesses have their largest advertising budgets in 14 years and that they have a positive outlook for the future.
The Institute of Practitioners in Advertising’s report showed that over a fifth of companies have increased their marketing budgets.
Businesses also seemed to be moving towards “main media” such as newspapers and TV as spending for those mediums rose faster than internet spending – the first time this has happened in 3 years. The IPA said it was a sign of “growing confidence and willingness amongst marketing executives to commit to high-profile campaigns”.
The chief economist at Markit, Chris Williamson, also said this was a positive sign claiming it was “the most upbeat assessment of business and marketing spend that we have seen since starting the survey back in 2000.”
The 2013-14 financial year up to March saw a seven year high in annual growth of ad budgets. They had a net balance increase of 17.2%, while marketing heads from 300 UK companies expected even higher results for 2014-15.
The IPA director general, Paul Bainsfair, said it was “very good news for the Government in the run-up to an election year”.
This news comes as last month research found that business confidence was at an all time high suggesting companies are beginning to see an an end to the recession.
Picture by David Evers.