The results of the global study, which was fielded in March, were in sharp contrast to a survey of CMOs a year before when budgets were predicted to be down by an average of 3% in the event of a recession.

As with today’s Bellwether report on UK budgets, the Forrester survey found the mainstream marketing channels to be among the areas hardest hit by spending reductions. More than two-thirds of respondents said they had cut back on TV, print, radio and magazine advertising, compared to just 27% on online advertising.

A quarter of those trimming their spend on mainstream channels said they had done so because they were too costly given the reduced budgets available, while a further quarter cited an inability to track the results of campaigns.

Budgets are instead being diverted to interactive channels, said report author Lisa Bradner, with social media, website development and online advertising the main beneficiaries.