December MarketResearchCareers Newsletter: Reflecting Upon Anticipated 2010 MR Budgets*

With 2011 just around the corner, everyone is (or should be) thinking about next year's MR budgets.

Will they increase?
Will they decrease?
And if so, by how much?

As a reminder, 2009 was a truly a challenging year for market research -- with market research buyers decreasing their spending levels by nearly double digits. 2010 was anticipated to be a "stabilization" year with MR buyers expecting to increase their year-over-year spend by approximately 1%.

We thought this might be the perfect time of year for a retrospective regarding anticipated 2010 spending levels for market research services.

Hopefully this information can help guide planning efforts until the 2011 edition of the Annual Survey of Market Research Professionals is available -- providing you detailed insights into the anticipated 2011 spending levels of market research buyers in the United States.

MR Budgets by Industry
As indicated below, the industries purchasing the most market research services (measured in dollars) include CPG, Healthcare, Tele/Data Communications, and Advertising/Public Relations.

Interestingly, Advertising/Public Relations and Banking/Finance expected the largest increase in 2010 MR spending reflecting a rebound from the economic events of 2009.

Who Planned to Cut Back?
In 2010, market research buyers in smaller firms (annual revenues of $10.0MM or less) most severely expected to decrease their anticipated spending levels and corresponding budgets.

And the largest buyers of market research (companies with annual revenue in excess of $5NB) only modestly expected to increase their 2010 spending levels. However, this was in stark contrast to their dramatic spending reduction of 16% in 2009.

Similarly, organizations with more than 500 employees expected to increase their 2010 MR budgets -- with the smallest firms expecting additional budget reductions compared to 2009.

What's Ahead for 2011?
With the fielding of the Sixth Annual Survey of Market Research Professionals, one of the most comprehensive industry studies available, you can understand the pulse and attitudes of market research buyers for the upcoming year.

We hope you will participate in this landmark survey in early January.

Best wishes from everyone at MarketResearchCareers for a wonderful holiday season!

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* Data from the 2010 Annual Survey of Market Research Professionals conducted between January 7 and January 26, 2010 obtaining the opinions of 495 market research professionals.

 

Mike Carroll
800-872-5401
mcarroll@marketresearchcareers.com
www.marketresearchcareers.com