The Q2 report described the rise as 'modest'. In total, 19% of the report’s survey recorded a rise in events budgets, compared to 11% who indicated a fall.
Paul Simonet, creative strategy director of experiential agency Imagination, said: "The continuing growth of the events and experiences sector is encouraging. Even more encouraging is the degree to which events and experiences are increasingly at the very heart of brands' social, digital and content strategy."
The report’s overall finding was marketing budgets have been revised for the seventh successive quarter, the longest period of continuous growth the survey has seen in its 14-year history.
The overall increase in marketing budgets was reported as 15.2%, the report's second highest figure recorded following Q1 2014's record-breaking reading of 20.4%. The IPA attribute the growth to UK companies' continued optimism regarding their own financial prospects, the health of business within their industry and the growing UK economy.
Spending on internet marketing showed the highest levels of growth, with a net balance of 14.7%, followed by main media advertising which saw growth levels of 11.5%. The 'other' category of marketing spending showed zero signs of growth, while market research spending records showed negative growth of 2.4%.
Paul Bainsfair, director general of the IPA, said: "The latest Q2 Bellwether report is an upbeat one, both for marketing budgets and companies' financial prospects. It demonstrates that companies are capitalising on the positive economic climate to drive business growth, sending out a positive message to our industry and to the UK at large.
"It also reinforces the advertising sector’s significant contribution to the £71.4bn gross value added (GVA) that the creative industries generate which was highlighted in the launch of the recent government-backed creative industries strategy."
Chris Williamson, chief economist at Markit and author of the Bellwether report, added: "Marketing spend is surging higher as companies remain upbeat about the future. The extent to which business confidence has shown continual improvements over the past year is remarkable, generating a major inflow of investment in marketing.
"Companies reported that spending on marketing and advertising activities showed the strongest rise for a decade last year. This year’s budgeted spend, which was already set higher than last year, has been revised up again in the second quarter, setting the scene for a bumper year. The survey also adds to a growing body of data which points to the UK economy sustaining strong growth as we move into the second half of the year."
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