CMOs Are Clinging to Their Budgets—But Only Just

The U.K. economy contracted at the end of 2022 to the tune of 0.3%, with economists predicting an inevitable recession in the coming months. Despite this downturn, the marketing industry is still growing, though modestly.

According to the U.K.’s Institute of Practitioners in Advertising (IPA) quarterly Bellwether Report, marketing budgets for the final three months of 2022 saw a modest increase.

The survey, which gleans responses from 1,000 of the country’s top businesses, found marketing spend to have risen by a net balance of 2.2%