Media consumption, UK economy, consumer confidence: 5 killer stats to start your week

All the marketing stats that matter this week including, the World Cup to give the UK economy a £1.33bn boost and a quarter of media consumption set to be mobile this year.

Quarter of media consumption to be mobile this year

Almost a quarter (24%) of all media consumption across the world will be on mobile this year, up from 5% in 2011. And this figure is expected to climb to 28% by 2020.

In line with this, time spent reading newspapers has fallen 45% since 2011, while printed magazines have experienced a 56% drop during the same time frame.

Consumers are also spending less time in front of the television, with viewing time shrinking by 3% between 2011 and 2018.

Media consumption continues to grow with reports suggesting the average person will spend 479 minutes a day consuming media this year. An average of 492 minutes is predicted by 2020.

Source: Zenith

Only a third of UK businesses have separate budgets for CRM

Just a third (34%) of businesses have separate budgets for CRM, for most CRM managers the money comes from the marketing budget, which 53% of businesses are planning to increase this year.

Meanwhile, only 35% of businesses have fully integrated CRM systems, with 45% of companies still in the process of integrating systems and streamlining processes.

One-fifth (21%) of UK businesses are prioritising existing customers over prospects this year, and when it comes to measuring the results of work with existing customers, customer satisfaction scores (49%) and customer renewals (35%) are the most common KPIs.

Source: Wiraya

World Cup to give UK economy £1.33bn boost

The UK economy is predicted to see a £1.33bn boost thanks to the 2018 FIFA World Cup in Russia, with that figure expected to rise to £2.72bn if England makes the final.

The majority of Brits (86%) are expected to watch games at home, meaning they are likely to fork out a total of about £1.2bn on food and drink if the England team makes the final.

About £193m is expected to be spent in pubs, restaurants, cafés and clubs if England doesn’t make the final, climbing to £488m if they do.

Sportswear giants are also likely to prosper with football fans likely to splash out £264m on emulating their football heroes, rising to £463m if England make it through to the final.

Source: Centre of Retail Research and VoucherCodes

Marketing bosses overconfident about performance

More than three quarters (78%) of media and marketing bosses believe their business is as productive or more productive than their peers, compared to 95% of UK employees who claim they’re more productive than their colleagues.

Another 28% of SME businesses have never evaluated their business practices to identify areas of improvement.

Media and marketing bosses cite lack of time as the biggest reason for not adopting best practices in their business – 30% agreed, 16% don’t know what best practice methods look like for their business, and a further 13% don’t know where to go or who to talk to for advice.

Small business owners (fewer than 50 employees) are more humble than their larger counterparts. Three-quarters (77%) of small business leaders rate their performance as equal to or better than their peers and 87% of medium size business (50-249 employees) feel the same.

Source: Be the Business

UK economy putting a ‘muzzle on consumer confidence’

A stronger jobs market, rising real incomes, low interest rates and low levels of headline inflation helped UK consumers feel a little bit more upbeat about the UK economy in May, with confidence rising two points to -7.

The index measuring changes in personal finances during the past 12 months has increased two points to +1 (one point lower than this time last year), while the forecast for personal finances during the next 12 months increased four points to +8 in May (four points higher than May 2017).

Meanwhile, the measure for the general economic situation of the country during the past 12 months increased five points to -24 (four points lower than May 2017), while expectations for the next 12 months have increased three points to -21 (the same level as this time last year).

Source: GfK

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