GLOBAL: Overall confidence among global marketers remained steady during October, with declines in Europe and the Americas offset by a rise in Asia-Pacific according to the latest Global Marketing Index (GMI).
The headline GMI for the month registered a value of 56.3, virtually unchanged from 56.4 in September. But Europe had fallen back from a September peak of 60.2 to 57.2, still a strong performance, while the Americas dipped marginally from 56.0 to 55.9. Asia Pacific had advanced from 54.5 to 56.4 as the three regions' headline GMI scores converged.
The Global Marketing Index, produced by World Economics, is a unique monthly indicator of the state of the global marketing industry and which tracks marketers' expectations in three key areas – trading conditions, marketing budgets and staffing levels. A reading of 50 indicates no change while 60+ indicates rapid growth.
Trading conditions across all regions continued to be robust with each area showing strong growth, although once again a decline in the Europe index, down 5.3 points, was countered by an increase in Asia Pacific, up 3.2, while a smaller rise in the Americas, up 1.0, ensured any shifts in the global average of 59.2 were insignificant.
Panellists indicated a rise in the rate of growth in the index for marketing budgets, up 0.7 points to 54.0 in October. European marketing budgets are still rising, but at a slower rate of growth, as the index dropped 3.8 to 54.9. Asia Pacific, meanwhile, continued its strong recovery from a low point in August when this index fell below 50.0; a 3.4 point rise took the region's index for marketing budgets to 55.2. There was also a rise of 2.2 for the Americas index to register a value of 53.5.
The final component of the GMI, the index of staffing levels, stood at 55.6, indicating that marketing departments are still increasing their payrolls. On a regional basis, this index was virtually unchanged in Europe, whereas it fell by 1.1 in the Asia-Pacific region and by 3.7 in the Americas.
Ed Jones, World Economics chief executive, observed that regional growth rates were converging while headline GMI showed strong growth across the world. "Digital and mobile media continue to raise their share of marketing budgets," he added, "while TV is stagnant and expenditure on press continues to fall."
Data sourced from World Economics; additional content by Warc staff