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Q1 2026 Bellwether Report

A key indicator of the health of the economy

The IPA Bellwether Report is a quarterly survey outlining companies’ marketing spend intentions and financial confidence.

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 2026 IPA Bellwether Report:

  • Marketing budgets have been revised up by +7.3% in Q1 2026, marking the highest level in nearly two years and up from 0.0% last quarter.
  • The majority of Bellwether media categories have been revised up in Q1, once again driven by Events and PR, with main media also in positive territory after having stagnated over the past few quarters. The only categories revised down are Market research and ‘Other’.
  • UK companies’ confidence levels in their own prospects rebounded considerably from last quarter (-19.0% in Q4 to +0.6% in Q1).
  • S&P Global’s adspend forecast for 2026 has been revised up to +2.5%, compared to the previous forecast of 1.5%.

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

"These latest Bellwether results defy wider geopolitical uncertainty and signal a bullish start to the year for UK marketing investment. Looking at the detail, it is pleasing to see that budgets for main media are up. The evidence is being heeded, even in tougher conditions, cutting back on advertising risks long-term damage. It is therefore welcome news that UK companies are holding their nerve and investing to stay front of consumers’ minds, strengthen their brands and drive future growth."