Q3 2025 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 Q3 2025 IPA Bellwether Report:

  • Total marketing budgets expand for a second consecutive quarter
  • Events and direct marketing are main drivers of Q3's upward revision, while main media remains unchanged and sales promotion budgets are revised down for first time in two years
  • Company-level financial prospects turn upbeat for first time since Q2 2024

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

"Q3 results in recent years have shown a note of caution, perhaps unsurprisingly, given their timing just ahead of the Autumn Budget. That said, it’s encouraging to see the net balance remain in positive territory. Even in a tough economic climate, businesses clearly continue to recognise the value of advertising.

"What’s particularly interesting is that new analysis of IPA data reinforces the strong link between budget and business growth. The message is simple: to drive meaningful results, advertisers need to think big. Big marketing budgets, broad reach and high exposure. Scale really does matter, which is why investing in big, brand-building media remains so important."