For IPA’s quarterly Bellwether Report, nearly 300 top UK-based companies were surveyed to gather insights on their marketing initiatives.
With advertising spending reaching new heights in 2021, UK marketing expenses are expected to grow significantly in 2022. 34.5% of organisations expect to increase marketing spends in the fiscal year 2022/2023, while 45.7% are hopeful for an increase in budget in the period.
Only 11.2% estimate cuts to their spending. 19% of the companies plan to spend more on events as COVID-19 restrictions ease, and 17.9% expect to increase their sale promotion budget. The advertising budget for main media channels, including TV and radio, growth in ad spending is expected by 17.4% of companies.
Despite the growth, the overall annual ad budget forecast has been lowered from 6.2% to 5.2% given inflation and the impact of the omicron variant. Additionally, the growth rate of ad spending is expected to be 2.5% in 2023.
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