NEWS8 August 2022

UK market research sector predicts growth

B2B Europe News Trends

EUROPE – Some 51% of the UK market research businesses that participated in the latest European Research Federation (Efamro) Mood Indicator survey said they believe the sector will grow over the next year, with only 6% saying it will contract.

Upwards arrow indicating positive market trend

UK businesses that participated in the Efamro research reported feeling positive (a net +45 rating) about the industry, though there were a wide range of responses to the survey (a 112 variance).

Since the fourth quarter of 2019, the proportion of survey respondents predicting growth has not been higher than 34%.

In this latest wave, market research professionals from 11 European countries took part in the survey – the overall base for the results is 249, including 51 from the UK. In total, 64% of European respondents said the sector would grow over the next year.

Commenting on the findings, Market Research Society (MRS) chief executive Jane Frost said: “The UK’s research sector has demonstrated exceptional resilience and remains strong.  It has weathered the Covid-19 storm, and it is very encouraging that the participants for this survey are so positive about the future. 

"Without the insight and direction that comes from research, the correct decisions simply cannot be made, especially in the face of major challenges like the cost-of-living crisis and levelling up.”

Frost also highlighted positive results from the rest of Europe, but warned that the cost-of-living crisis and rising inflation could hit optimism in the future.

“Though I am pleased by the positive results of the survey, it is clear there are still some concerns and rising inflation may require difficult budgetary choices,” she said. 

“However, it’s vital we continue laying the groundwork for long-term growth, including by encouraging talented young individuals to choose market research as a career. 

“It was also great to see the expectation for growth from the rest of Europe in this survey. The UK and EU’s market research sectors are entwined, with many agencies operating across both economic areas.  Their success is interlinked and each works best when the other thrives.”

The full report can be downloaded here