IPA Bellwether Q1 2024: Budget Growth Remains Strong

Despite a decrease in main media advertising, budget growth remained strong in Q1 2024. The industry outlook is positive, according to the latest IPA Bellwether Report. We asked experts from across the marketing sector for their assessments.

The UK’s total marketing budgets saw another solid expansion in the first quarter of 2024, reaching their second-strongest upturn since Q2 2022. This follows the results of IPA’s previous report which boasted the biggest rise in marketing budgets since 2014.

Although many marketers remained wary of cost-saving where possible, most budget categories saw growth. Mirroring IPA’s Q4 2023 findings, events continued as the strongest sub-category with event budget expansion now hitting the highest rate on record (net balance of +23.1%). Within the category, over three ten respondents signalled an upward revision. Looking ahead, another strong quarter for the segment is predicted. Direct marketing came in second place, achieving a net balance of +7%. Sales promotions budgets also gathered more momentum (+4.9%).

As 2024 further unfolds, how positive is the industry outlook? We asked some industry experts what they make of the figures. n it and delete this default text and start typing your own or paste your own from a different source.

Businesses Should Continue to Monitor Brand Perception

Motor racing legend Ayrton Senna once said that “You cannot overtake 15 cars in sunny weather…but you can when it's raining.” Off the back of a broadly upbeat set of economic predictions, it is hoped that those advertisers who have continued to support their brands during recessionary times now start to see the benefits of their confidence as the economy improves and inflationary pressures ease. At the same time, in light of the predicted decrease in overall spend on market research, it is hoped that businesses also continue to monitor the effect of advertising on perceptions of their brands so they can adjust their bearings where necessary to maintain their momentum.

Sean Adams, CMO, Brand Metrics