Though it represents a slight fall in growth from the +13.4% recorded in the second quarter of 2016, the sector is still seeing significant expansion, despite fears that the Brexit vote may cause a slowdown.
Events marketing remained a popular area for companies, with growth registered in the category for the 12th successive quarter. Around 24% of the survey panel registered a rise in events marketing, compared to just 14% recording a decline. The net balance of +9.9% was the second highest figure recorded in four years of data collection.
Paul Smith, senior economist at IHS Markit and author of the Bellwether Report, said the results were positve, despite political concerns. "Given the widely held view of a challenging economic climate following the Brexit vote in late June, the latest Bellwether survey provides some welcome positive news with companies willing to raise and inject fresh resources into their marketing budgets during the third quarter."
However, he added that the outlook remained uncertain, until we understood the full impact of the EU referendum vote.
Patrick Reid, CEO EMEA of Imagination, said that events were flourishing as companies look for experiences that are meaningful, rewarding and measurable. "The sustained recognition of the value of experiences reflects an increasingly significant shift in approach from brand marketers to achieve the engagement they are seeking. With the opportunities smart technology and social media offer us in blending the physical and digital manifestation of these experiences, we see this trend continuing."
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