IPA Bellwether Q3 2024: Industry reactions

The latest IPA Bellwether shows an icy frost has gripped the UK marketing and media sector ahead of the first Autumn Budget from the new Labour Government.

Will it lead to a big freeze, or just a winter pause for the sector?

We’ve gathered comments from some of the leading lights in the advertising, brands, media, marketing and adtech sectors…

Larraine Criss, COO, Preciso

‘The Bellwether report shows overall marketing budgets remaining flat, but even if budgets are not increasing, one way to get more for your money is to look at diversifying where you spend your ad dollars.

“Putting most of your budget into tried and trusted channels makes perfect sense, but it’s also sensible to set aside a test budget for new and emerging channels.

“This offers the potential to get in early and reap the rewards before most advertisers have discovered these new channels, and while rates are relatively low.”

Ross Cafferkey, Founder Research Clever

“After a strong year for market research budgets, uncertainty ahead of the budget seems to have had an impact on the sector, as with many other areas of marketing.

“However, around three quarters of respondents said there was actually no change to their market research budgets, which is much more akin to what we’ve experienced at Research Clever.

“As marketing strategies are being put together for the year ahead, many of our clients are using market research to support their plans, so we’ve actually seen a spike in enquiries in recent days.

“As Paul Bainsfair says, this seems to be more of a “pressing pause” than a chop – there will always be a place for strong and useful data, nimble agencies and effective marketing.

“As I write, the day’s news is that the rate of inflation has fallen further than analysts predicted, showing some more green shoots. So, I’ll be watching what happens in Q4 with interest but not with pessimism.”

Justin Reid, Snr Director, Global Partnerships Solutions, Tripadvisor

“This quarter’s report showcases caution from marketers ahead of the first Autumn budget from the new government. While it may mean they’re pausing how they spend their budgets, this shouldn’t come at the expense of the consumer.

“As cited, consumers crave experiences, and for marketers, this makes it an ideal opportunity to engage with audiences. When it comes to travel, there are six stages of opportunity for brands to reach audiences with a seamless experience.

“Whether dreaming about their trip or booking it, brands of all kinds can tap into these moments when consumers are willing to spend.

“Furthermore, the report highlights that travel and entertainment industries are still working hard to get people through the door. But, get to know your audience and the journey they’re on, then brands can create experiences that will make every penny of spend worthwhile.” ...