The Global Business Spending Indicator is a new report offering a unique insight into how and where businesses have focused their spending over the last twelve months. As the UK emerges from lockdown, businesses are increasing purchases from other businesses, in order to drive growth in the remainder of 2021.

B2B spending, classified as goods and services that a business purchases from another business, will grow at an average of 1.4% in Q2 compared to the same period last year, resulting in an estimated £5 billion additional spending. This mirrors the continued rise in optimism, as 70% of UK businesses feel positive about their prospects over the next 12 months.

“While it has been a very challenging year for UK businesses, the GBSI shows signs of optimism - with increased spending across key B2B categories, including online advertising, ecommerce and technology,” said Dan Edelman, vice president and general manager, UK Merchant Services at American Express.

There will be a particular focus on accelerating e-commerce and online communications due to continued digital transformation within business. The survey found technology spending has increased by 5% on average in Q1 2021 since last year, and a further 2.4% is predicted in Q2.

Search Engine Optimization, social media and digital costs are also expected to be up by 4% in Q2 2021, as businesses try to reach new audiences and clients.

The Global Business Spending Indicator surveyed more than 3,6000 businesses of all sizes across the UK, Australia, Canada, Japan, Mexico and the US.