The GMI measure – which looks at marketing professionals’ expectations of trading conditions, marketing budgets and staff levels – was 54.4 ( 50 indicates neutral sentiment, above 50 generally improving) in August; a 2.2 point fall from July and a 1.2 point fall compared with August 2013.

Confidence among marketers was highest in Europe (GMI of 56 ) with optimism also higher in America although both regions were still down on the previous month. However in Europe, increased optimism about trading conditions and budgets was offset by concerns about staffing levels.

James McDonald, research analyst at Warc, said: “Despite a fall in headline indexes this month, industry consensus is that things remain on the up, with trading conditions in particular proving favourable for marketers in all regions.”

The GMI is an indicator of the state of the global marketing industry and tracks conditions among marketers within their organisation and region. The panel has 1,225 members working for brand owners, media owners, creative and media agencies and other organisations serving the marketing industry.