Internet marketing spend hits record share
Spend on internet marketing has risen to account for more than 6% of total marketing spend, its highest proportion to date, according to the latest Bellwether Report.
The report also shows that growth in internet spend over the third quarter was the strongest this year, with 31% of companies raising their budget for internet marketing and only 7% cutting back.
The results come amid overall growth in marketing spend in the UK, with just under 24% of companies reporting increased marketing spend, and 15% reporting a decrease, leaving an overall positive balance of 8.3%.
An increase in above-the-line spend was reported by 9.2% of companies -- a record rise for the Bellwether Report.
The only medium where budgets were down was direct marketing, which saw a 0.5% decline. However, there are fears over the impact that the US credit crisis will have on UK adspend.
Chris Williamson, author of the Bellwether Report, said: "It will no doubt take some time for the full effects of the banking crisis to be felt, so it is likely that these strong Q3 numbers represent a peak in the cycle."
Others, including Robert Lerwill, CEO of Aegis group, called for the industry to remain positive. Lerwill said: "The UK market remains healthy, and we should resist the urge to talk gloomy rhetoric into a reality."
The Bellwether Report is compiled every quarter by NTC Economics on behalf of the Institute of Practitioners in Advertising.
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