1. Inflation wipes out wage growth
Inflation was running at 2.3% in March, above the Bank of England’s target of 2%. This effectively wipes out wage growth, with weekly average earnings up 2.3% including bonuses, 2.2% without.
2. Brexit drives Brits to buy British
Almost a quarter of consumers (23%) say they are more likely to buy British food post Brexit because they want to support the domestic economy.
However, this depends on price. If the cost increased by 10%, three in 10 would buy foreign produce instead. That rises to 60% if the price went up by 25%.
3. CMOs ‘invisible’ to majority of employees
CMOs are the least recognised board member, with 13% of employees able to identify them. 31% said they do not understand what their company’s visions and values are and half said they were in the dark about board decisions.
4. Digital ad spend hits record high
Digital advertising saw its fastest rate of growth in nine years in 2016. The increase meant digital ad spend passed £10bn for the first time. The growth was driven by a marked rise in mobile and ad revenues. Mobile now accounts for 38% of all digital ad spend in the UK.
5. CFOs back marketing
The majority of CFOs are planning to maintain or increase budgets for marketing. Some 31% are looking to increase budgets, while 57% are looking to maintain them. Just 12% plan to cut their investment.