Business events are now allocated 7.8 per cent of marketing budgets, according to the Q2 2014 IPA Bellwether report released yesterday (July 17).
Research carried out by the Institute of Practitioners in Advertising (IPA) found that, during Q2 2014, events budgets enjoyed a “modest” rise. In fact, some 19 per cent of those surveyed reported an increase in the amount they are setting aside for business events, reports eventmagazine.co.uk.
Only 11 per cent said that their events budget was lower than it was in Q1. On average, the overall amount of marketing budgets designated to events rose from 6.2 percent to 7.8 per cent between Q1 and Q2, a figure that’s continued to grow for an impressive seven consecutive quarters.
Paul Simonet, creative strategy director of experiential agency Imagination, said: “The continuing growth of the events and experiences sector is encouraging. Even more encouraging is the degree to which events and experiences are increasingly at the very heart of brands’ social, digital and content strategy.”
The Bellwether report gathers data from some 300 UK marketing professionals. Internet marketing spend saw the largest increase this quarter (up to 14.7 per cent), while SEO now takes up 12.9 per cent of the total marketing mix, citmagazine.com notes.
Chris Williamson, an author of the Bellwether Report, said: “Marketing spend is surging higher as companies remain upbeat about the future. The extent to which business confidence has shown continual improvements over the past year is remarkable, generating a major inflow of investment in marketing.”