A redefined UK MR sector is 50% larger than previously estimated and worth more than £3 billion a year, according to an independent review conducted by PwC on behalf of the country's MRS (Market Research Society).
In its report, entitled 'The Business of Evidence', PwC (PriceWaterhouseCoopers) suggests that traditional definitions of 'market research' no longer apply, with many more organisations and businesses undertaking research activities than had previously been thought.
Across the UK, the sector employs close to 60,000 personnel, c.60% of which (35,000) are based in London and the South East, where the sector is worth £1.8 billion per annum. By contrast, in Scotland the sector employs around 1,700 people and is worth only £91m a year to the regional economy.
There are currently nearly 40,000 full-time equivalent jobs on the UK supply side, and more than 19,000 additional jobs in other sectors, including in-house researchers, specialist data analytics companies and central government. Around a third (33%) of UK-based research agencies' annual turnover is generated internationally.
MRS CEO Jane Frost (pictured) comments: 'The review clearly shows the importance of this industry to the UK economy. This is a business that is both creative and one which generates intellectual capital for the country. It is a source of competitive advantage and one which has changed far beyond its traditional definitions. This review makes a clear case for it to be recognised and supported as such.'
The report can be downloaded here: www.mrs.org.uk/pdf/The_Business_of_Evidence_Final_08102012.pdf .
All articles 2006-22 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.