Marketers are gloomier then ever about the UK’s economic outlook according to the Chartered Institute of Marketing.
The institute’s latest Marketing Trends Survey shows that 73% of marketers believe recession will hit the UK next year, and 70 per cent believe conditions for the UK economy will worsen in the year ahead – the highest figure since the survey began, and up 30% on this time last year.
Only 11% of marketers remain optimistic that the UK economy will improve in the next 12 months.
Companies with a turnover of £10m or less are also more confident about their future in the uncertain economic climate, compared with companies whose turnover is over £10m.
Two thirds of the marketers quizzed believe that marketing is key to their organisation’s future in the credit crunch, but this didn’t stop half of respondents admitting that marketing plans had been altered in the face of the economic climate, rising to 60% of marketers in retail and 57% in the financial services sector.
While half of marketers are not worried about their job prospects in the year ahead, a third of marketers are, especially if they work for an organisation with a turnover less then £1m.
Last Spring 30% of respondents felt that their companies would be expanding its marketing department, in contrast only 17% of marketers believe the same six months later.
But David Thorp, director of research and information at The Chartered Institute of Marketing remained upbeat about the findings, “Despite deep concern about the prospects for the UK economy, today’s professional marketers recognise that they have a key role to play in helping their organisations identify and exploit the opportunities an economic downturn brings.
By creating real value for their organisations and measuring the effectiveness of their marketing activities, marketers can demonstrate clearly how indispensable they are to their organisation.”
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