Marketing budgets have been revised up to their highest rates since the financial crash in 2007, reports marketingmagazine.co.uk.
The IPA’s Bellwether report, which has revealed consistent budget declines in past quarterly surveys, suggests that companies are beginning to shake off the recession and invest in their marketing departments.
The report found that in the second quarter of 2013, 22 per cent of those surveyed had increased their marketing budgets against 15 per cent decreasing their budgets, producing a net balance of 7.3 per cent – the highest since before the financial crash, adds guardian.co.uk.
PR budgets were also revised up 3.4 per cent while sales promotion and main advertising rose two per cent and 1.9 per cent respectively.
An increase in marketing budgets could see businesses delve into the world of mobile advertising especially as an increasing number of people in the UK are using mobile phones.
Paul Bainsfair, director-general of the IPA, felt encouraged by the report: “Things are on the move, and that’s what we’ve been waiting for a long while. We’ve known for some time that many big corporates are sitting on a lot of cash.
“It’s inevitable that they will start spending again because, in the long run, they are all defending their positions in the market or trying to increase their brand share,” he added.