Growth in quarter four was slower than previous quarters, attributed to heightened caution regarding the slowdown in the wider economy. However, the average growth rate for marketing budgets in 2014 was the highest recorded in the survey’s 15 year history.

The report reveaked a net balance of +6.1% of companies registering an increase in budgets during Q4 2014, down from +12.6% in Q3 2014 and its lowest since Q1 2013.

The report also suggested that optimism regarding companies’ future financial prospects has improved: A net balance of +30.7% if companies indicated that they had grown more optimistic compared to three months ago (though this is down from +38.6% in Q3 2014 ).

“This gives the industry real cause for celebration,” said Paul Bainsfair, IPA director general. “While it is inevitable that the current wider economic uncertainty and geopolitical unrest is starting to impact decisions regarding marketing budgets, it will be interesting to see which companies will weather this best.”

The full report can be accessed here.