The report, compiled by Markit, found internet marketing budgets revised down by 7.9% through Q2 this year. But despite the decline, this was an improvement on the 10% downward revision for the first quarter.

Total marketing budget downward revision, the seventh quarterly decline in a row, has also improved in comparison to Q1, from 34.4% to 28%. However, despite internet spend's overall improvement, search budgets have been hit harder over the period, from a 2.4% reduction rate in Q1 to 5.4% in Q2.