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A significant share of B2B agencies in the UK are feeling less confident about their future growth since the UK voted to leave the EU. More ominously, some common recipients of B2B spending may suffer alongside them.
When asked by B2B Marketing and Circle Research for the 2016-2017 edition of their annual "B2B Agencies Benchmarking Report" whether Brexit had changed anything, 19% of UK agencies polled said the UK's vote to leave the EU had already negatively affected their business growth. Moreover, 35% of respondents said they felt less confident about their agency's future growth since the referendum.
Respondents' assessment of the strength of the market for B2B marketing services remained generally rosy, but nonetheless had taken a bit of hit, too. While a greater share of those polled (62%) thought the market's strength was "good" compared to 2014 or 2015, the number of respondents who though it was "strong" fell to a three-year low of 26%, off 1 point from 2015 and down 14 points from the 40% of respondents who felt that way in 2014.
Recipients of B2B agencies' spending could feel a knock-on effect from agencies' post-Brexit jitters in 2017. A forecast released in November by GroupM predicts spending with B2B magazines specifically will fall this year to £296 million ($399.5 million), down from £312 million ($412.1 million) in 2016.
That figure is a downward revision from a pre-Brexit forecast released in June of last year predicting B2B magazine spending in the UK would reach £302 million ($407.6 million) in 2017.
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