Regional budgets fall by $50,000
Few IR teams have been lucky enough to see their budgets rise over the last couple of years. That trend holds true in the Asia region, according to our latest global report on IR practices.
The average Asian IR budget stands at $227,000, down $50,000 from the previous year. While small and mega-cap companies saw modest rises over this period, the overall fall is down to larger cuts taking place at mid and large-cap firms.
The findings form part of the IR Magazine Global Practice Report 2016, which is based on a survey of more than 1,300 IR professionals and investigates a wide variety of IR resources and activities.
European companies can sympathize with their peers in Asia, according to the report. In Europe, the average IR budget fell over the same period by a whopping $95,000 to stand at $431,000.
By contrast, respondents based in North America enjoyed an average budget increase of $70,000 over the last year. The current average budget for this region comes in at $577,000.
The survey respondents reveal that Asian companies typically spend 22 percent of their budget on external IR services, which equates to $50,000. This is down 4 percent on the previous year and the lowest figure among the three regions covered by the report.
Click here to find out more about the IR Magazine Global Practice Report 2016.