For the first time since the fourth quarter of 2024, Bellwether panel members upwardly revised their budgets for market research in the third quarter of 2026.

12.7% of panellists raised their market research budgets during the quarter, compared with the 7.5% that reported a reduction. This resulted in a net balance of +5.2%, up from -4.1% in Q2.

According to the Bellwether analysis, this increase was surpassed only by a record high in the fourth quarter of 2021.

The latest expansion contrasted with respondents’ forecasts for the 2026/27 financial period, when a net balance of -13.7% of respondents expected to cut market research budgets. The return to growth therefore represents a positive shift for the category.

The uplift for market research budgets sits within a context of upward revisions across all areas of marketing budget analysed in the report.

Around a quarter of panellists ( 25.6%) raised their budgets in the third quarter of this year, compared with 11.3% that reported a reduction, resulting in a net balance of +14.3%.

The latest data marks a third consecutive quarter increase, with the net balance rising from +6.9% previously to its highest level since Q2 2024.

Maryam Baluch, economist at S&P Global Market Intelligence and author of the Bellwether Report, said: “With the UK economy beating expectations so far in 2026, it’s unsurprising to see businesses showing a strong willingness to lift marketing spend.

“The latest Bellwether data showed a substantial rise in total marketing budgets during the third quarter, with several underlying categories recording exceptionally strong upward revisions. In all cases, quarterly budget growth exceeded expectations set earlier in the year, highlighting the breadth of the improvement.”

The IPA Bellwether Report is based on a questionnaire survey of around 300 UK-based companies that provide quarterly information on trends in their marketing activities.