Companies in the United Kingdom increased their marketing budgets for the third consecutive quarter in the first quarter, though at a marginal rate, data from a survey by Markit Economics and IPA Bellwether showed Thursday.
The survey conducted in the first quarter showed that 22 percent of participants recorded an increase in their marketing budget for the current fiscal year, while 21 percent recorded a reduction, resulting in a net balance of +1 percent. Advertising spend on internet, which showed a net balance of +7.8 percent, continued to rise at the fastest rate among all spend types, and was the primary contributor to the positive headline net balance.
The survey also showed that UK marketing executives grew optimistic about financial prospects for their own companies in the first quarter, with the net balance rising to a two-year high of +19 percent from -12.4 percent three months earlier.
"Companies' views on their financial prospects have risen to the highest for two years, but the brighter outlook has yet to be fully reflected in plans for marketing spend," Markit chief economist Chris Williamson said. "Although current marketing budgets were revised higher for the third consecutive quarter, the increase was only marginal. Furthermore, although companies have set their marketing budgets higher for 2012-13 on average, they have started 2012 with the most cautious approach to spending for three years."
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