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Economic Slowdown Hits US MR Industry
Figures from the Research Industry Index (RII) compiled by MRA (the Marketing Research Association) suggest that the industry in the US is already suffering as a result of the country's economic slump.
RII data is taken from a total of 155 interviews conducted among owners or senior level management of research companies and end users, and the online study addresses both qual and quant research.
According to the latest figures, from the fourth quarter in 2007 to the first quarter in 2008, the number of firms reporting a decrease in projects/booked revenue jumped from 19% to 30%. Total projects/booked revenue is flat, after showing a 3% increase in December.
In addition, the number of RFPs and proposals is up just 1%, compared with 5% in December. Staffing levels are also flat.
Larry Brownell, CEO of the MRA, believes that business leaders are generally less optimistic than they were in December 2007. 'Most of those who were surveyed responded less positively to the statements 'new business prospects look good', 'the year is shaping up to be a better one for our business', and 'we've increased the volume of business'. Taken together, the RII demonstrates clearly that economic pressures are adversely affecting the market research industry.'
The MRA has an international membership made up of companies and professionals engaged in all segments of marketing and opinion research. The organization recently launched a portal where clients, agencies and sub-contractors can evaluate and comment on each other's services online.
Web site: www.mra-net.org .
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