British companies to boost their advertising budgets despite Brexit’s cloud hanging over their heads

The survey is reflective of the strong resilience of the British people.

 

As per the results of a survey, British companies are planning to boost their spending on advertising this year on the hopes that the economies of the UK will be resilient to Brexit process.

The report by IPA Bellwether is seeing corporate ad spending jump by 0.6% in the current financial year with 26.1% of companies in the UK indicating they would boost their advertising budgets, thus revising its previous forecast that advertisement from big business will see a dip in this 2017-18 financial year.

“The … survey paints a picture of a solidly growing UK economy, with companies continuing to show a willingness to commit increased resources to marketing and capitalize on current positive sales trends,” said Paul Smith, a senior economist at IHS Markit.

The report shows a jump of 11.8% in budgetary allocation by companies in their budget during the first quarter, led by a rise in internet ad spending, which has peaked in under 4 years.

The increase in budgetary allocation comes in the wake of Youtube and Facebook, which dominate the global ad world, facing stinging criticism of not doing enough to police offensive posts and content. This has prompted many top companies to pull their ads in recent months.

“Despite the current, turbulent digital ecosphere, it is clear that marketers are attracted to the cost-effectiveness of digital advertising and its ability to reach and accurately target their consumers,” said Paul Bainsfair, IPA’s director general.

The IHS Markit led survey interviewed more than 300 marketing professionals primarily in the UK across top 1,000 British companies and across all key business sectors.

 

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Categories: Creativity, Economy & Finance, Entrepreneurship, Geopolitics, HR & Organization, Strategy

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