For the IPA Bellwether study, 300 UK marketers from the top 1,000 companies were polled.
According to the survey, marketers' optimism about their sector’s financial prospects has risen above zero the first time since 2015, with 41.2% of marketers feeling more positive now. Although 15% are pessimistic, a net balance of 26.2% are more positive than three months earlier (-5.8%).
A net balance of 36.6% of marketers are more confident about their company's forecast this quarter, compared to 12.0% in Q4 2020. Additionally, as UK's lockdowns eased, marketing budget reductions were reported by -11.5% overall in Q1 2021, compared to -24.0% in Q4 2020.
25.7% of businesses decreased their available ad spend amid COVID-19 and 14.2% increased it in Q1 2021. Overall, 17.4% of businesses intend to increase spends in 2021, and main media advertising is projected to rise in the next fiscal year.
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