Marketing budgets are continuing to rise, according to the latest Bellwether Survey from the Institute of Practitioners in Advertising (IPA). The long-running survey, which tracks spending and sentiment across the marketing and advertising sectors, found that 22.3% of businesses increased their budgets in the third quarter of 2025, while 18.7% reduced them, resulting in a net balance of 3.6%. Although this marks slower growth than earlier in the year, it still indicates a positive trend following two consecutive quarters of improvement.

The report highlights strong performance in events and direct marketing, with PR also showing steady gains. However, print, audio, and out-of-home advertising recorded declines, as did sales promotions and market research spending. The Bellwether Survey forecasts overall marketing budget growth of 0.6% for 2025, below the long-term average of 2%. Expectations for 2026 have been revised to 1.2%, with growth expected to reach 2.1% the following year.

IPA Director General Paul Bainsfair noted that while caution remains due to the upcoming Budget, businesses still recognize the essential role of marketing investment. “Even in a tough economic climate, companies clearly continue to see the value of advertising,” he said. “Our analysis shows a strong link between marketing budgets and business growth. To drive meaningful results, advertisers need to think big—scale matters.” IPA President and BBH London CEO Karen Martin added, “Creativity must remain at the heart of our work, with technology as the amplifier, not the substitute, for powerful, resonant ideas.”