According to the IPA Bellwether Report (Q2 2023), companies are allocating a larger portion again of their marketing budgets towards live events. The report, which offers a breakdown of UK multinationals' budget adjustments across seven different marketing areas, demonstrated a marked increase in event marketing investment.
Overall, companies increased their marketing budgets by an average of 6.4%, with live events seeing a significant boost of nearly 10%. This increase aligns with the continual growth trend observed in event marketing budgets, pointing to the industry's recovery and acceleration post-Covid.
Furthermore, sales promotions and direct marketing also experienced budget increases. This suggests a broader trend of companies seeking more direct and engaging ways to reach their customers.
On the flip side, certain marketing budgets were scaled back in the same quarter. These included PR, mass media, market research, and other marketing areas, reflecting a shift in priorities within the marketing strategies of many corporations.
The continuing growth of event marketing budgets is attributed to an ongoing demand for personal engagement and human interaction, a trend that's worth keeping an eye on as we move further into 2023.