Marketing budgets are set to go up over the coming year, with increasing amounts spent on digital platforms such as Google and Facebook, while more marketing functions are set to be brought in-house, according to research published Tuesday.
Sixty percent of marketers expect budgets to rise, with 43 percent planning for increases of 5 percent and up, with those in the automotive, financial services and technology sectors feeling the most confident, according to 1,000 marketing chiefs surveyed in 10 countries by the Dentsu Aegis Network.
Fifty-four percent expect to spend more on digital platforms in the next two to three years, and 33 percent said they would reduce the number of external agencies they work with. Twenty-nine percent expect to work more with management consultancies.
The figures come amid a tumultuous time for the marketing and media industries, with marketers looking to work with advertising partners more efficiently and the large agency groups having to adapt to survive against tech companies and management consultancies.