IPA Bellwether Q1 2024: Budget Growth Remains Strong

April 18, 2024

Despite a decrease in main media advertising, budget growth remained strong in Q1 2024. The industry outlook is positive, according to the latest IPA Bellwether Report. We asked experts from across the marketing sector for their assessments. 

The UK’s total marketing budgets saw another solid expansion in the first quarter of 2024, reaching their second-strongest upturn since Q2 2022. This follows the results of IPA’s previous report which boasted the biggest rise in marketing budgets since 2014.

Although many marketers remained wary of cost-saving where possible, most budget categories saw growth. Mirroring IPA’s Q4 2023 findings, events continued as the strongest sub-category with event budget expansion now hitting the highest rate on record (net balance of +23.1%). Within the category, over three ten respondents signalled an upward revision. Looking ahead, another strong quarter for the segment is predicted. Direct marketing came in second place, achieving a net balance of +7%. Sales promotions budgets also gathered more momentum (+4.9%).

As 2024 further unfolds, how positive is the industry outlook? We asked some industry experts what they make of the figures.

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