Direct marketing and press were the next most popular media with 17% of budgets allocated to each of them.
Digital was found to be the smallest medium, with just 2% of the average budget spent online.
The UK Budgeting Survey, conducted by Westminster Business School, also found that advertising was mainly used to raise awareness and that most companies use the same budgets regardless of the economic climate.
Professor Douglas West, director for the Centre for Research in Marketing at Westminster Business School, said: "Advertising on television is still seen to be effective and cost-effective whereas new media, while growing rapidly, has failed to make much impact in terms of spending.”
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