The British Market Research Association yesterday released data indicating that the UK industry enjoyed overall growth of 9.3% in 2000 – up from 7.1% in 1999 and approximately treble the rate of UK price inflation.
Aggregated turnover for the industry reached £1,071 million which BMRA chairman Ivor Stocker (of NOP) attributes to “recovery in domestic UK research, which grew by 8.8% compared to 4.4% in 1999”. Income from international research, however, “dropped back from a 14.4% increase in 1999 to 10.5% [but] is still growing at a healthy rate given the global economic environment."
BMRA members are equally bullish about prospects for the current year, predicting an annual growth rate of 12% despite the global slowdown in adspend. This, says Stocker, suggests that negative economic influences are not deterring investment in market research.
He continued: “Companies are increasingly aware of the business risks they take if they don’t do market research. It’s fair to say that research is now firmly established as the cornerstone of marketing programmes everywhere.”
The BMRA data is based on returns from two thirds of its members, between them accounting for over 95% of the Association’s total turnover.
News source: Daily Research News Online