GMI is a composite measure of trading conditions, staffing levels and marketing budgets. With expectations for trading worsening in the Americas, the headline GMI for the region dropped 2.3 points on the previous month to 56.5.

Europe’s headline GMI also fell from a two-year high of 59.1 in December to 58.7 in January. “The index remains high though,” Warc said, “signifying rapidly improving market conditions.”

Globally, the outlook for trading conditions still indicates strong improvement at 60.9, despite a 1.8 point fall month-on-month. Optimism is highest in Europe, which reported a 62.7 point index value for January, followed by Asia Pacific on 62.5.

Marketers in Asia Pacific are set to raise marketing spend more than at any other time in the past two years, Warc said, with the region registering a value of 56.7 – up 1.5 points month-on-month. However, the index of marketing budgets in the Americas fell by 2.4 points to 54 in January. Results were similar in Europe, with a fall of 2.2 points to 56.5. “Even so, both regions show budgets are rising,” Warc concluded.