Event budgets on the rise, says IPA Bellwether Report

The report also found that marketing budgets as a whole have been revised up for the eighth consecutive quarter, the third-highest level in the survey’s history.

A net balance of 12.6% of companies registered an increase in budgets during Q3 of 2014 and full-year marketing budgets are on course to be higher than what was projected earlier in the year.

However, a decline in the net balance of companies registering an increase in budgets has continued, with Q2 reporting 15.2%, down from 20.4% in Q1.

Despite this, a net balance of 38.6% of companies stated that they are more optimistic compared to three months ago.

Paul Bainsfair, director general, IPA, said: "Two years of continuous investment in marketing budgets, coupled with sustained confidence, has enabled the industry to innovate and diversify and, crucially, drive business growth.

"It is good to see companies adapting to the complex media landscape and capitalising on the positive economic climate."