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UK MR Industry Reports Strong Growth
The UK market research industry grew 6.22% to an estimated £2.16bn in 2008, while revenue from international research increased by 12.5%, according to the Market Research Society's (MRS) annual report on the state of the sector.
In 2007, reported revenue growth was 2.3% to an estimated £1.8bn, compared with growth of 2.4% in 2006 and 2.5% in 2005.
While the ratio of domestic research to international work has been relatively constant over the last decade at 3:1, in 2008 domestic research grew by 3.8%, compared with 2.7% in 2007.
'This very welcome surge in international research confirms the importance of the UK as a hub for international projects, and represents a significant gain in global market share,' said David Barr, MRS Director General.
However, Barr is predicting a tougher year for the sector in 2009, as clients' businesses continue to cut spend. 'Market research is certainly not immune to the impact of recession, although it has shown itself in previous downturns to be relatively resilient compared with other disciplines in the marketing services sector,' he added.
The MRS, which has members in more than 70 countries, is online at www.mrs.org.uk .
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