Given the tough economic conditions we have been experiencing with high borrowing costs, inflationary pressures and a potential looming recession we’ve been quite cautious as to what to expect this last year and going into next. The IPA Bellwether Report for Q4 2023 reveals the economic downturn is now expected to be shallow, and economic activity is widely anticipated to recover in the second half of 2024. The report also reveals a highly optimistic outlook for the marketing industry with nearly a third of companies showing stronger budgets than the last financial year.
Here at Hunterlodge we have witnessed very few of our clients afford the luxury of investing heavily in both brand and activation. Although we have seen an upturn in client spends overall, our own findings would align with the Bellwether reports observation where they have seen an increase in digital budgets and video content as people try harder for cost effective (highly trackable) media that drives customer conversion.
Overall, the IPA Bellwether Report suggests the marketing industry is gearing up for sustained growth. Commenting on the latest survey Joe Hayes, Principal Economist at S&P Global Market Intelligence and author of the Bellwether Report, “The UK economy is expected to endure a shallow recession, which will end in the first half of 2024, and our data clearly show more companies are prepared to ride out the bumps to put themselves in a strong position when the recovery phase kicks in than those that aren’t”
At Hunterlodge, we understand the reasoning behind this approach. Businesses that maintain their nerve and choose to invest in solid, long-term brand-building strategies can capitalise on the chance to secure market share—especially when some competitors may scale back their expenditures. We have been asked by three significant clients to review and plan global brand strategies – which is a very promising sign that marketeers are confident to invest in longer term payback.
As we head towards Q1 2024, a sense of optimism surrounds us, anticipating a promising year for both Hunterlodge and our clients. If you would like to explore opportunities and discuss how we can contribute to boosting your brand and market share, don’t hesitate to reach out.
