LONDON: Global marketing activity continued to grow in July, but at a sharply reduced rate in at least two of the regions covered in the latest Global Marketing Index (GMI), with Europe reporting the steepest fall.

This was the second successive decline for the headline GMI, which registered a 0.8 point fall to 54.1, down from 54.9 in June and 55.1 in May.

Europe saw its regional GMI score falling 1.3 from 58.0 in June to 56.7 in July, while the Americas declined 0.6 to 52.5, and Asia remained unchanged at 54.6.

The Global Marketing Index, compiled by World Economics, provides a unique monthly indication of the state of the global marketing industry because it tracks current conditions among marketers as well as their expectations in the three key areas of marketing budgets, trading conditions and staffing levels.

Based on reports from a global panel of 2,000+ members, GMI scores are rated positive or negative when set against a value of 50 that indicates no change from the previous month.

The decline of Europe's regional GMI score in July should be viewed in that context because 56.7 still indicates positive activity, although World Economics made clear that the declining trend across the continent was "sharpened" by the Brexit vote in the UK referendum.

The Brexit vote also appears to have affected marketing budgets in Europe, particularly for TV, and the European marketing budget index fell 2.0 to 53.7. That compared with a milder decline in the global marketing budget index of 0.8 to 54.1.

The indexes for traditional media – TV, press, radio and OOH – continued to fall globally in July, registering values below the 50.0 no change threshold.

However, on a more positive note, the resources allocated to digital and mobile media continued to increase strongly across all regions.

Data sourced from World Economics; additional content by Warc staff