On face value the recent Bellwether Report feels like gloomy reading with budgets continuing to decline in Q4 2020. The continuing impact of the pandemic twinned with the end of the Brexit transition period has culminated in an industry wide negative sentiment and widespread cost-cutting exercises.
However, all of us at Hunterlodge are a positive bunch, and we are still optimistic about the industry as well as the wider issues. The recent news at the beginning of February 2021 that the Oxford Astra vaccine helps stop virus transmission and gives much longer immunity than previously thought is definitely welcoming news. The efficiency of vaccine procurement and the incredible roll out to the nation by the NHS and other partners should be applauded and celebrated. Although we are not out of the woods yet, there is definitely light at the end of the tunnel – and it is these advancements that will help us open up trade and enable an increase in budgets across all industries.
Key points from the report:
▪ Total marketing budgets continue to decline markedly, despite the rate of reduction easing from Q3
▪ Coronavirus pandemic remains the most significant factor weighing on marketing budgets
▪ Sentiment regarding own-company financial prospects turns positive, but industry-wide outlook remains negative
▪ Preliminary forecasts for 2021/2022 point to a recovery in total adspending
A full copy of the report can be purchased at https://ipa.co.uk/knowledge/publications-reports/q4-2020-bellwether-report
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