According to the IPA’s most recent Bellwether Report, increased spending on sales promotion is driving a comeback in marketing budget growth.
Budget increases for sales promotions were the highest of any category in the first quarter, with growth of 8.8% year over year. Budgets have been declining, by a rate of -4.4%, since the last report. The increase is the largest increase in sales promotion spending in almost twenty years.
Budgets for sales promotions were increased in the first quarter at the same time that a flurry of activity around retailer loyalty programs was organized through expanding retail media networks to provide immediate deep discounts to consumers struggling with the cost of living crisis.
Read More: Discounts and sales promotions spearhead growth in budgets
For more such updates follow us on Google News TalkCMO News.
