The research was commissioned by MCsquared (the consumer and brands division of Murray Consultants) and carried out by Amárach Research, in association with the Marketing Institute of Ireland (MII).

Conducted among MII members, findings indicate that "investment in brand communications through digital channels continues to grow strongly." Almost 60pc of those surveyed plan to increase the budget allocated to digital marketing in 2014.

Digital currently accounts for almost one quarter (24%) of marketing spend. While there's a certain renewed optimism in the industry, many of those surveyed continue to grapple with getting fully up to speed with the plethora of social media channels now available.

O'Brien continued “Notwithstanding some loosening of marketing purse strings, we are seeing a pretty dramatic evolution of marketing disciplines and skills that presents challenges and opportunities in equal measure. Many marketers are still struggling with the balance between in-house or partnering with the right agencies".

Chief Executive of MMI, Tom Trainor noted: “There is no doubt that many Irish marketing departments and agencies have had a torrid time over the past five years but this research and feedback from the wider industry suggests that there is greater confidence amongst business leaders which should translate into real growth in 2014.”

“We are very encouraged by the positive soundings coming from the marketing profession and based on these findings and discussions with our own clients there is early evidence that the Irish consumer is starting to spend again. Businesses and brands who are equipped to re-engage with consumers in a compelling way will win out,” added O’Brien.