The first comprehensive analysis of the economic and social impact of marketing in Ireland reveals that marketing contributes €16.5 billion annually to the Irish economy and supports more than 117,000 jobs. The findings of the research study ranks marketing as a vital pillar of Ireland’s economy comparable to the construction and tourism sectors.
The economic analysis indicates that a minimum of €4.4bn is directly invested in marketing every year. It includes €1.5 bn in salaries and employment, €1.9 bn in advertising and sponsorship, and €1bn in business events. Applying established economic multipliers, the research calculates that every €1 invested in marketing generates €6 in economic value.
Footprint
Marketing directly employs 23,500 people, with indirect activity estimated at expanding the footprint almost five-fold. Marketers earn an average salary of €64,500, about 90 per cent hold a third-level qualification and sector employment has grown by 28 per cent since 2016, almost triple the pace of the wider labour market in Ireland.
For the first time, Ireland has a valuation of marketing’s contribution to economic performance – Shane McGonigle (pictured), CEO, Marketing Institute
Irish marketers are also early adopters of innovation, with two thirds using artificial intelligence in their work and 80 per cent expecting AI to heighten productivity. The research signals considerable growth potential for marketing. In Ireland, an average of five per cent of turnover is allocated to marketing, compared with up to 10 per cent in the US.
Priorities
Most companies surveyed expect to maintain or increase their marketing investment. Customer acquisition and retention, brand building and market share expansion were cited as the top strategic priorities for the year ahead. The survey involved interviews with 260 senior Irish marketers with economic modelling conducted by Amárach Research.
