New Survey Finds Marketers More Upbeat But Company Budgets Still Tight
According to the latest IPA Bellwether survey, marketers are more confident about their company's prospects - optimism has reached its highest level for two years in the first quarter of 2012, in the wake of more positive news stories about the economy this year.
In total, the poll of 300 senior marketers found that around 38% were more upbeat about the prospects for their own company than they had been at the end of 2011. This is double the number of surveyants who are pessimistic.
Nevertheless, this optimistic outlook is yet to be matched by an equivalent uplift in marketing budgets, which have only seen a modest rise of 22% of companies reporting that their marketing budgets had been set higher in the first quarter. This was also offset by the 21% that reported a tightening of their marketing budget.
Chief Economist at Markit and author of the Bellwether report, Chris Williamson, commented: "It's perhaps a more pragmatic approach to budget setting, given that initial increases in budgets were steadily revised away in the past two years, as weaker than expected sales caused firms to cut marketing costs. However, with the coming year seeing events such as the Olympics, Diamond Jubilee and Euro 2012, it is likely that the year will again see an increase in marketing spend."