IPA Director General Paul Bainsfair stated that companies are pausing, not cutting, marketing spend. He noted that stronger economic forecasts suggest this dip may be temporary.
The net balance for marketing budget revisions dropped to 0.0%, a sharp decline from Q2's +15.9%, indicating a significant shift in marketing budget sentiment.
Despite a cautious mood, adspend forecasts for 2024 and 2025 were revised upwards, driven by stronger-than-expected economic data.
Industry-wide pessimism has deepened, with 29.6% of marketing executives expressing concerns about broader financial prospects, marking the lowest confidence level since late 2022.
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