GlobalSpec Releases Results from Economic Outlook Survey for Industrial Sector
Economic indicators in the industrial sector are decidedly mixed, with some companies optimistic and others more cautious
EAST GREENBUSH, N.Y., Oct. 11, 2012 /PRNewswire/ -- GlobalSpec (recently acquired by IHS Inc. (NYSE: IHS)), a leading provider of digital media solutions for suppliers and distributors seeking exposure to engineering, manufacturing and technical professionals, today announced the availability of its newest research report, Economic Outlook Survey 2012: State of the Industrial Marketplace.
The report features the results of a comprehensive survey of more than 1,300 engineering, technical, manufacturing and industrial professionals in the United States, 50 percent of whom influence more than $50,000 in annual spending on components, equipment or services.
The survey results reflect economic conditions that are clearly mixed, with some companies and sectors performing better than others. Among the industrial companies that participated in GlobalSpec's Economic Outlook Survey, 49 percent expect to finish the year ahead of plan, with the rest anticipating that sales will remain flat or fall short of expectations.
Key findings include:
- The area of concern most cited among industrial professionals is the economy (55 percent).
- Other concerns include quality (45 percent), improving production efficiencies (43 percent), and expanding to new markets (38 percent).
- Forty-nine percent of companies anticipate growth for the rest of the year, while 32 percent anticipate no change.
- In terms of revenue expectations compared to the previous year, 40 percent anticipate higher sales and 32 percent anticipate lower sales than last year.
- The highest expectations for increased sales is in the Biotechnology/Pharmaceuticals sector, with the majority (58 percent) estimating that sales will be ahead of plan in 2012.
- The hardest hit sector is Communications – Data/Telecom/Wireless Networks, with 57 percent expecting sales to be down from their 2012 plan.
- The top three areas where industrial companies are spending more time and effort are entering new markets (56 percent), new product design & development (50 percent), and researching future projects (50 percent).
"In an economy that's still finding its legs, industrial marketers must make smart decisions on where to invest their limited time, money and resources" said Chris Chariton, senior vice president, product management & supplier marketing for GlobalSpec. "There are growth opportunities but companies need to know what industries are expanding and what activities are getting the most attention and, most importantly, understand the platforms that make greater use of their marketing investments and present the best opportunity to engage new customers."
Along with the results from the latest research, the report also offers recommendations for industrial suppliers on how to:
- focus on where the outlook is brightest
- maintain or increase their marketing presence
- connect with prospects and customers online
The Economic Outlook Survey 2012: State of the Industrial Marketplace research report is available as a free download from the GlobalSpec website.
GlobalSpec, recently acquired by IHS Inc. (NYSE: IHS), is the leading provider of digital media solutions designed to connect industrial marketers with their target audience of engineering, technical, industrial, scientific and manufacturing sector professionals. GlobalSpec provides its registered users with a domain-expert search engine to search more than 50,000 supplier catalogs by specification, a broad range of proprietary and aggregated Web-based content, over 15 annual online events, and more than 70 e-newsletters - helping them search for and locate products and services, learn about suppliers and access comprehensive technical content. For suppliers, GlobalSpec helps generate awareness, demand and engagement opportunities among the professionals they are looking to reach – from inbox to desktop, through networks and via real-time engagement.
About IHS (www.ihs.com)
IHS (NYSE: IHS) is the leading source of information, insight and analytics in critical areas that shape today's business landscape. Businesses and governments in more than 165 countries around the globe rely on the comprehensive content, expert independent analysis and flexible delivery methods of IHS to make high-impact decisions and develop strategies with speed and confidence. IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS employs more than 6,000 people in more than 30 countries around the world.
IHS is a registered trademark of IHS Inc. All other company and product names may be trademarks of their respective owners. © 2012 IHS Inc. All rights reserved.
Contact: Amber Devin
Director – Marketing Communications
Tel: 518.880.0200 ext. 5338
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