Advertising industry predicts ‘strong’ budget growth in 2022

UK companies revised their total marketing budgets up in the fourth quarter of 2021, marking a third successive quarter of expansion, reveals the IPA Bellwether Report.

A net balance of +6.1% of companies upwardly revised their total marketing budgets at the end of last year as recovery efforts from the pandemic continued.

Preliminary data regarding spending plans for 2022/23 suggest that marketing budgets are on track for considerable growth as businesses step up their recovery efforts from the COVID-19 pandemic. A net balance of +34.5% of surveyed companies are planning to expand their total marketing spend in the coming 2022/23 financial year. Indeed, close to half (45.7%) of Bellwether panellists were optimistic of budget growth, compared to just 11.2% expecting spending cuts.

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