The latest Global Marketing Index report from Warc has indicated that global marketing budgets were cut again in July, but despite this drop conditions have not worsened since last month.
However, the global index has shown underlying differences in sentiment by region. Europe has been described as acting as a 'drag' on global budgets, with the European marketing budgets the only ones to drop compared to the Americas and Asia.
From Warc's charts, a GMI reading of 50 points indicates no change, and a reading of over 60 indicates rapid growth.
On this headline GMI metric, the Americas and Asia Pacific have shown growth, changing to 56.2 and 53.0 points respectively. For European marketers the outlook is negative, with a decline to 48.1 points.
Business conditions have deteriorated most severely in Europe (47.9), while readings for the Americas (55.9) and Asia Pacific (54.5) revealed conditions to be generally improving.
Commenting on the July 2012 GMI results, Suzy Young, data editor at Warc, has said: "The crisis in the eurozone is impacting on the region's marketers, with both marketing budgets and general trading conditions now in decline. The outlook for the Americas and Asia Pacific is more positive and budgets are rising."