Buyers of Market Research Expect to Spend 3.1 Percent Less in 2012

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MarketResearchCareers Reveals Declines in Market Research Budgets are led by the Education, Healthcare, Insurance, Technology, Publishing, and CPG Industries

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Decreases in market research spending and supporting budgets are expected to impact companies of all revenue sizes

The seventh edition of the Annual Survey of Market Research Professionals conducted by MarketResearchCareers among 500 MR professionals reveals market research budgets and the overall market research industry are expected to contract by 3.1% in 2012 compared to the prior year.

"The reduced 2012 spending and budgeting outlook is nearly triple the anticipated level from the same time one year ago," said Mike Carroll, Director of Sales and Marketing for MarketResearchCareers. "And unlike last year, decreases in market research budgets are expected to impact companies of all revenue sizes."

2012 budget changes by industry as indicated by market research buyers include:
Education:            -24.5%
Healthcare:            -14.4%
Insurance:             -8.7%
Computer Technology:         -6.6%
Media/Publishing:         -4.1%
Consumer Package Goods:     -1.2%
Tele/Data Communications:     1.1%
Consulting:             3.1%
Retail/Wholesale Trade:         7.1%
Banking/Finance:         7.2%
Advertising/Public Relations:    31.1%
Overall Industry:        -3.1%

The reduced spending outlook correlates with last year's financial performance as only 40% of participants characterized 2011 as a ‘Fantastic’ or ‘Good’ year -- down from 48% in the prior year.

"And perhaps coincidentally, market research suppliers, for the first time, are measurably concerned about the impact of Social Media and ‘DIY’ research solutions upon MR budgets and the quality of collected data," said Carroll.

The survey was conducted between January 12 and February 1, 2012 with 500 market research professionals completing the survey -- providing a data tolerance of +/- 4.4%.

Please visit MarketResearchCareers more information about the complete 64 page industry report and to access the report's accompanying Market Research Supplier Ranking Tool.

About MarketResearchCareers
MarketResearchCareers is the career website with the most comprehensive database of resumes and jobs focusing exclusively on the Market Research industry.

Visited monthly by nearly half of all market research professionals in the United States and possessing the resumes of more than 40,000 market researchers, MarketResearchCareers provides real-time staffing solutions. See why so many corporate hiring managers, human resource professionals, market research suppliers, and thousands of skilled researchers turn to MarketResearchCareers to fill available market research jobs.

Visit MarketResearchCareers on the web or call us at 1-800-872-5401.

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Mike Carroll
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