LONDON: Global marketing optimism remained high in May according to the latest Global Marketing Index (GMI), but for the third consecutive month it found that TV budgets had been hit by the continued growth of digital.

The headline GMI registered an average 55.6 points in May, where a reading of 50 indicates no change and 60+ suggests rapid growth, in a clear sign that marketers across the world experienced increased business activity.

There were modest variances across the regions, with Asia-Pacific registering the highest headline GMI of 56.0 points, followed by Europe (55.9) and the Americas (55.2). These figures are based on a three month moving average to mitigate abnormal seasonal variations.

Compiled by World Economics, the GMI provides a unique monthly indicator of the state of the global marketing industry because it tracks current conditions for marketers as well as their expectations for trading conditions, marketing budgets and staffing levels.

During May, the global survey showed that the allocation of marketing budgets assigned to TV fell further, with an index value of 45.9, well below the 50.0 point 'no change' level.

And it had fallen across all regions, most notably in the Americas, where a 2.1 point decline brought this particular index measure to 39.3. Europe, in contrast, was still just in positive territory with an index of 50.6.

While TV was hardest hit, all traditional media suffered at the onward march of digital and mobile, which, taken together, are set to be the biggest media across the world by 2016 on current trends. Digital and mobile registered index values in May of 79.1 and 75.6 respectively.

Overall, the index for global marketing budgets stood at 51.8 in May, marking 27 months in a row that GMI panellists have seen rises in marketing resources, although the index has been on a downward trajectory for the past three months.

"The Headline Global Marketing Index reading for May indicates growth in business activity continuing. Marketing budgets are still expanding across the world apart from the Americas where spending has stagnated," World Economics Chief Executive Ed Jones commented on the results.

Data sourced from World Economics, additional content by Warc staff