In the latest Bellwether Report results continued to show positive signs as "around 27% of the survey panel registered an upward revision to budgets". The general response appeared to be confident and although the report indicated divergence across marketing spend categories, other areas including sales promotion, events and direct marketing all showed growth.
The report also included news that the economy looks likely to have grown by 1.9% in 2013, far faster than generally expected at the start of the year and forecasts are being revised in an upward direction. Advertising expenditure forms the single largest component of marketign spend in the UK (estimated at 30% of the total) and tends to change with the economic cycle, showing approximately twice the range of economic growth, as measured by gross domestic product, with a correlation of 75%.
The Bellwether Report is published by Markit Economics on behalf of the Institute of Practioners in Advertising.