Released today by the IPA, the report shows that one in five companies have reported upward revisions for their advertising budgets, compared to14% noting a decline.
The industry areas reporting the largest increases were: IT & computing, retail, consumer services, FMCG and autos and public sectors.
The growth was prompted by new product launches, higher internet spend, strong sales revenues and rising profits, the report said.
The report stated 2007 is set to be the best year for adspend growth for at least two years. The recent upward revisions have bolstered the strong media budgets set at the beginning of the year. In previous years downward revisions have been made to media adspend budgets mid-year and been linked to a shift of spend away from traditional media advertising.
This article was first published on Media Week