LONDON: Confidence in British economic growth and performance for the coming year is shared by 60% of UK marketers, new research has found, while the same proportion also believe consumer confidence will rise over the next six months.
This is double the level of confidence recorded in October 2012, according to the latest quarterly Marketing Confidence Index, which is compiled by the Chartered Institute of Marketing (CIM) and Bloomberg, the news provider.
It also found 42% of UK businesses now have a positive appetite for risk and investment over the next 12 months while half of the survey's 1,000 respondents reported that growth now dominates the management agenda of their respective organisations.
Furthermore, 46% of marketers reported that they exceeded the expectations of their financial performance over the last year while only 13% expressed a lack of confidence in UK economic growth.
Coming just days ahead of the Autumn Statement from Chancellor of the Exchequer George Osborne, the survey provides further evidence that the UK economic situation is looking more upbeat.
Thomas Brown, associate director, research and insights at CIM, said: "Since the inception of our study, the trend of increasing optimism from businesses is incredibly encouraging. We have long said that as businesses look to make the shift from recession to recovery, a renewed commitment to risk and innovation is crucial."
However, the report also found that UK marketers are concerned about metrics aligned with justifying marketing spend.
As reported by Research Live, the Market Research Society's industry magazine, 45% said their marketing planning was driven mainly by budgets compared with 37% who said they were driven by insight and analysis.
Thomas Brown advised businesses to "elevate" marketing investment to drive growth and performance.
"Marketing plans must align with core business strategy and collaboration with colleagues will only enhance more meaningful business performance," he said.
Data sourced from the Chartered Institute of Marketing, Research Live; additional content by Warc staff