The report, which features data drawn from a panel of around 300 UK marketing professionals, has revealed the record largest single upwards revision to marketing budgets since the survey started in 2000.

It revealed a net balance of +20.4% of companies registering an increase in budgets during Q1 2014, which is up sharply from Q4 2013’s +11%.

Other key results are:

• +41.7% have become more optimistic regarding their own financial prospects
• +39% are more optimistic about wider industry financial prospects
• +26% expect to see growth

“The spring Bellwether Report reveals the most upbeat assessment of business and marketing spend that we have seen since starting the survey back in 2000,” said Chris Williamson, chief economist at Markit and author of the report. “Last year saw the biggest rise in marketing spend since 2006, and 2014 looks set to be even better.

“If the initial increase in budgets for the year being the strongest since 2006 wasn’t already enough, the fact that companies have already revised these budgets higher to an extent not seen in the 14-year history paints a remarkably buoyant picture for the rest of 2014.”

The full report can be purchased here.