IPA publishes compendium exploring the evolution of UK marketing investment

The publication provides an in-depth exploration of how the IPA Bellwether Report has captured the evolution of UK marketing investment over the past two-and-a-half decades, featuring expert insights, category-specific analyses and economic overviews.

Highlights from the Bellwether at 25 compendium:

25 years of marketing evolution

The Bellwether Report has become a valuable economic compass since its inception. Within the compendium IPA Director General Paul Bainsfair notes: “What began as a collaboration between the IPA and IHS Markit, now S&P Global, has become a trusted indicator, tracking UK marketing budgets and telling the story of an industry defined by resilience, creativity and responsiveness.”

Economic shifts and marketing investment

Joe Hayes, Senior Economist at S&P Global Market Intelligence and author of the Bellwether Report comments on the current economic landscape: “UK businesses have had to contend with choppy waters in the first half of 2025. As we entered the new year, UK firms were in the midst of preparing for considerably higher payroll costs following the increases to National Insurance contributions and National Minimum Wage rates announced in the Autum Budget late last year. This was swiftly followed by the swathe of tariffs announced by U.S. President Donald Trump, which saw global financial markets suffer steep losses, global uncertainty rise and many companies, particularly those which trade internationally, worry about a possible global economic slowdown. Against this backdrop, it’s unsurprising to see the UK economy being squeezed.”

He adds: “the IPA Bellwether Report serves as both a useful macroeconomic and microeconomic indicator. Not only does it give us critical insights into a vital channel of discretionary business spending, helping us to understand UK business investment appetite, but company survey responses also shed light on executive-level strategic decisions which will shape the financial performance of UK businesses in both the short term and long term.”

The transformation of advertising

Reflecting on the changing landscape of advertising, Ian Whittaker, Founder of Liberty Sky Advisors, states that “the Boardroom now realises the strength of brands is not just a “luxury” or, worse, a cost but an investment. For me, the turning point was the inflation crisis of 2022-2024 which was a vast, unplanned experiment in showing how brand strength directly contributes to both the top and bottom line.”

The power of investment

Russell Parsons, Editor-in-Chief of Marketing Week, stresses the importance of long-term investment. He explains that “the narrative should be more from more, not more from less where possible. If you invest in the long term, it will drive the short, and lead to meaningful, profitable return. Marketers need to get better at making it.”

Marketing investment during turbulent times

Karen Martin, IPA President and CEO of BBH London, highlights how strategic investment can make a difference: “Our mantra at BBH has always been, when others zig, zag. Similarly, one of the findings from analysis of the IPA Effectiveness Databank is that when others fall silent, your voice can resonate louder; time and again, history shows that brands that invest in building their brand during challenging periods are the ones best positioned to lead when conditions improve."

The Bellwether at 25: a look at the evolving marketing categories

The Bellwether at 25 compendium also explores the transformation of various marketing sectors charted within the Report, including:

• Bill Doris, VP of Analytics at EssenceMediacom, discusses the evolution of market research, acknowledging: “The rise of the internet, the explosion of mobile device usage and the ubiquity of social media have fundamentally altered the ways we gather, interpret and act on data.”
• Amy Garrett, UK President of Weber Shandwick, highlights “PR's essential role in storytelling and reputation management, particularly during the digital era.”
• Alex Uprichard, Managing Director of IMA, discusses the events sector and the “renewed recognition that real-world experiences spark real-world action. Face-to-face isn't simply a nice to have, it’s about moving people, engaging, building trust, and ultimately conversions.”
• Gabby Ludzker, CEO of RAPP UK, notes that in spite of seismic shifts in geo-political and the economy, “Direct Marketing has shown remarkable consistency, adapting to the times while maintaining its core strength: targeted, measurable customer engagement.”
• Hannah King, Founder of Adfabric, charts the evolution of digital media’s central role in advertising, noting that “We’re now part of a new wave, where ad tech-enabled media dominates. No longer a bolt-on, it is apt that the IPA’s categorisation has adapted in recent years – Video, Audio, Publisher, and OOH now no longer discern between online and not online.”

Each section is complemented by data-driven charts highlighting sector shifts.

Industry voices on the Bellwether Report

Within the compendium, leading figures in the industry also share their views on the Bellwether Report’s enduring value, including Julian Douglas, Group CEO of VCCP and Former IPA President; Jason Cobbold, CEO of BMB; Pedro Martins, Chief Growth Officer of Mediaplus UK; Cressida Holmes-Smith, CEO of Lucky Generals; James Ray, CEO of Armadillo; Gill Jarvie, Director of Client Services at Republic of Media; and Helen Blakley, Managing Director at Genesis.

Looking ahead

Paul Bainsfair concludes the compendium by saying: “Marketing remains essential to UK economic health, and the Bellwether Report will continue to serve as a bell, barometer and benchmark for our industry. Here’s to the next 25 years.”