Budget growth for events: Bellweather Report
Events has seen budget growth in Q2 2019, bucking the trend seen with other marketing mediums, according to the IPA Bellweather Report
The net balance of marketing executives recording growth in events budgets increased from 3.4% to 4.8%.
Aside from main media and internet marketing, events were the only other Bellwether category to expand during Q2.
The bigger picture for marketing budgets is less positive as the latest Bellwether data signals a stalling of growth, with the net balance falling from 8.7% to 0%. The 20% of panel members reporting greater marketing spend was completely offset by those cutting expenditure, while the remaining 60% kept budgets unchanged since Q1.
Paul Bainsfair, IPA director general, said: “Until a clearer political and economic path is outlined, the vast majority of companies are locked in stasis.
“It is reassuring to see, however, that some companies are revising up their investment in main media advertising; this is where they will build the longer term growth of their brands, which is crucial to weathering these tougher times.”
The report cites rising political and economic uncertainty as a key factor generating caution among businesses. With the possibility of the UK economy contracting in the second quarter, businesses are looking to contain costs and shield against challenging demand conditions.
Amid ongoing Brexit uncertainty, Bellwether expects only a 1.1% annual increase in advertising spend over the year as a whole.