LONDON: The UK market research industry is likely to see revenues remain flat this year, but is still better placed than the country's advertising market, which could post a decline by 10%, according to Adam Smith, Futures Director of WPP Group's media agency umbrella organisation GroupM.
Late last year, GroupM predicted the UK market research industry would grow by around 2%, which Smith says reinforced perceptions that the industry "is generally thought to be resilient in a downturn."
However, because of the current financial climate, he says "things are very different now", as demonstrated by the plight of polling company YouGov, which recently saw its share value fall by 50% in one day to £29 million ($41.7m; €32.8m).
The situation may be worse in the US, where the 2009 Survey of Market Research Professionals revealed that market researchers expect their budgets could fall by 9.5% this year.
As previously reported, Sir Martin Sorrell, head of the WPP Group, has announced the company plans to increase its activity in consumer insights generation in light of new trends in the ad industry.
Data sourced from Media Guardian; additional content by WARC staff