Event marketing budgets are predicted to grow once public health restrictions are relaxed.
Marketing budgets were revised downwards by a net balance of -6.1% UK companies as COVID-19 disrupted marketing activities, as per IPA’s Q1 Bellwether report. The report identified 25% of panel members cutting budgets. Another 18.9% of them signalled growth.
Out of all the categories, market research fared the worst in Q1 2020 with a net balance of -21%. Events and public relations followed with a net balance of -15.9% and -14.3% respectively. Main media with a net balance of -9.9% saw the biggest drops since 2009.
However, a net balance of +16.2% firms anticipate higher spending, as they plan to grow their business and brands. Further, increased budgets for main media advertising segment is anticipated by a net balance of +8.4% companies.
[2 minute read]