Brexit uncertainty affects ad budgets
With the housing marketing and recruitment already having stalled, uncertainty over Brexit is also impacting advertising spend. The quarterly Belwether report from the Institute of Practitioners in Advertising (IPA) has found that advertising spend from some of the UK's largest businesses has reduced over the past three months.
The report says that marketers acknowledged that low consumer confidence had caused them to hesitate on spending on large campaigns and that spend was being diverted toward lower cost media like digital. TV advertising has been most affected by the cuts as businesses wait for the outcome of the Brexit negotiations.
There is greater positivity for 2020 with the IPA expecting growth in ad spent as the market recovers.