61% of UK consumers say advertising makes positive contribution to economic growth, Credos report finds
Credos, the advertising think-tank established by the UK Advertising Association, has commissioned a report which provides an economic impact analysis of the UK’s advertising industry.
The report, titled The Contribution of the Advertising Industry to the UK Economy, estimates the UK advertising industry’s contribution for 2008 to be £15.6bn. However, this analysis does not take into account a number of ways in which the advertising industry has a catalytic effect on the broader economy.
Amongst the report’s findings was the observation that advertising is the 3rd largest UK creative industry in terms of employment, indicating that advertising employment does not seem to have been significantly affected by the recent recession.
The report also found that 68% of surveyed UK consumers felt that advertising was a critical driver of competition between companies, and that through this mechanism it leads to better products and lower prices. 61% of UK consumers agreed that advertising makes a positive contribution to economic growth.
Additionally, the report examined the role of advertising as a UK export sector within the UK creative industries. The review found that advertising was the fourth fastest export growth sector in the UK creative industries between 2000 and 2007. The exporting of advertising consulting expertise is likely to be a key contribution of UK advertising to exports over the next decade.