Bellwether have released the latest set of figures for their highly-respected quarterly marketing reports and the figures don’t make for fun reading. In the three months to the end of June, UK marketing executives have cut their budgets for the third quarter running, and business confidence fell to its lowest point in more than two years.
The quarterly survey found 22% of businesses questioned cut their advertising budgets, whilst business confidence among about the financial prospects for companies dropped to its lowest level since 2009.
President of the IPA Nicola Mendelsohn, who’s organisation jointly produces the report said,
“The decline in confidence doesn’t augur well, but it is not surprising amidst a continuing climate of concern surrounding the financial and political outlook both at home and internationally.”
Spending fell across the major channels of TV, press and radio advertising, as well as PR and events. Online advertising saw a rise, but it was the smallest rise in two years.