Bellwether report gives positive forecast
The first quarterly results of the Bellwether Report for 2004 have been released, indicating a continuous improvement in business confidence, with budgets, on average, set higher than the previous year.
The NTC Research, which was carried out on behalf of the IPA, reports 26 per cent of companies are believed to be increasing marketing budgets – the second consecutive quarter where the number of companies reporting upward revision exceeded those reporting a decrease.
The growth has been attributed to higher sales revenues and an improvement in profits, and indicates that this year might well signal a long awaited recovery for the industry.
Commenting on the latest set of figures, IPA President and chief executive of WCRS Stephen Woodford said: “The latest Bellwether Report suggests that the economic recovery which has been indicated in recent reports is becoming more firmly established. The current picture reflects the most positive climate across all sectors since Q4 1999.”
Chris Williams of NTC Research added: “The Q1 Bellwether survey provides further evidence to suggest that a revival in UK advertising and marketing spend is well underway. Companies reported that improved profitability – which returned to 2000 levels at the end of last year – and a bright outlook for sales in coming months encouraged not only a marked upward revision to current budgets but also an increasingly buoyant trend in budget setting for the year ahead.”