Decreases in market research spending and supporting budgets are expected to impact companies of all revenue sizes
Austin, TX (PRWEB) March 20, 2012
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:
Computer Technology: -6.6%
Consumer Package Goods: -1.2%
Tele/Data Communications: 1.1%
Retail/Wholesale Trade: 7.1%
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.
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