Q1 2025 Bellwether Report

The Bellwether Report is researched and published by S&P Global on behalf of the Institute of Practitioners in Advertising. The report features original data drawn from a panel of around 300 UK marketing professionals and provides a key indicator of the health of the economy. The survey panel has been carefully selected to represent all key business sectors, drawn primarily from the nation’s top 1000 companies.

Key findings from the Q1 2025 IPA Bellwether Report:

• Despite a decrease in overall marketing budgets in Q1 2025, marketing executives expect greater funding for the overall 2025/26 financial period.
• Direct marketing emerged as a standout performer, with the net balance of revisions rising to +9.0%.
• Events and sales promotions also saw upward revisions in budgets, reflecting a reallocation of spending amid a substantial rise in uncertainty and broader economic risk.
• Companies show diminished confidence in their financial outlooks, both at the firm and industry levels.

Commenting on the latest survey, IPA Director General Paul Bainsfair said:

"We’re seeing a familiar pattern emerge in these challenging times: increased investment in short-term sales promotions and cuts to main media budgets. While these adjustments may offer immediate relief, they are not a sustainable path to long-term brand growth. That’s why it’s encouraging to see that, when looking ahead to annual marketing budget plans, many businesses are preparing to reinvest in main media, demonstrating a continued belief in the importance of brand building, even in uncertain times."