Influencer Marketing Statistics (2024)
Explore the latest Influencer Marketing Statistics for 2024. Discover key insights, trends, and data on the impact of influencers in the digital landscape.
Businesses are seeking more authentic and powerful ways to connect with their target audiences, and influencer marketing has become a dynamic and attractive tool to achieve this goal. To highlight the importance and effectiveness of this marketing approach, we will explore the world of Influencer Marketing.
Through this exploration, we will reveal compelling data and insights that demonstrate the impact of influencers on consumer behavior, brand perceptions, and the marketing industry as a whole.
Key Insights
- Influencer marketing is projected to reach $21.1 billion.
- 82% plan to allocate a budget for influencer marketing in 2024, a 122% increase from 2017.
- TikTok reigns supreme, with 55.5% of brands using it for influencer marketing in 2024.
- Companies mostly use AI/ML for influencer identification (64%).
- 39% of companies tend to work with a relatively modest number of influencers, falling from 0 to 10.
- The beauty and personal care products industry is the most successful in leveraging influencers, with 53% effectiveness.
Topics Covered
Topics Covered
General Influencer Marketing Statistics
Marketing Budget Allocation
Platform Trends For Influencer Marketing
Influencer Preferences, Selection Methods, and Technology Integration
Evaluating ROI and Sales in Influencer Marketing
Diversity, Equity, and Inclusion (DEI) in Influencer Marketing
Global Influencer Marketing Statistics
Social media platforms like TikTok and Instagram make it easier than ever for brands to partner with influencers and reach a wider audience. The following global influencer marketing statistics prove that collaborating with influencers is a valuable strategy for businesses of all sizes.
Market size
The global economy’s current challenges have raised questions about their impact on marketing departments.
Approximately 63.2% of businesses surveyed by Influencer Marketing Hub report feeling the effects of the macroeconomic conditions in 2023.
However, despite economic concerns, Influencer marketing is projected to reach $21.1 billion.
Influencer content demand
Most marketers (83%) focus on content marketing and use influencers to create and share content, as they consider it an effective marketing strategy in various industries.
The beauty and personal care products industry stands out as the most successful in leveraging influencers, with 53% effectiveness. Following closely behind is the clothes and accessories industry at 45%.
In contrast, industries like gambling and financial services appear to struggle more with influencer marketing, with only 9% and 8% effectiveness rates, respectively.
Influencer content value
In 2022, brands worldwide identified several key ways influencers can enhance their value. The top priority, with 59%, is for influencers to build more interest and purchase intent among their audience. This highlights the crucial role influencers play in driving consumer interest and, ultimately, sales.
Second, 51% of brands believe influencers can become more valuable by creating content that aligns better with their brand, emphasizing the importance of brand fit. Building a long-term, collaborative relationship with a brand follows closely behind (50%), showcasing the significance of continuity in influencer partnerships.
Influencer content value
In 2022, brands worldwide identified several key ways influencers can enhance their value. The top priority, with 59%, is for influencers to build more interest and purchase intent among their audience. This highlights the crucial role influencers play in driving consumer interest and, ultimately, sales.
Second, 51% of brands believe influencers can become more valuable by creating content that aligns better with their brand, emphasizing the importance of brand fit. Building a long-term, collaborative relationship with a brand follows closely behind (50%), showcasing the significance of continuity in influencer partnerships.
Marketing Budget Allocation
The satisfaction with influencer marketing among firms impacts their future plans.
of companies plan to allocate a budget for influencer marketing in 2023, a 37% increase from 2017.
of companies allocate at least 20% or more of their marketing budgets to influencer marketing.
of companies intend to increase their budget in the next 12 months.
The data also indicates that 54% allocate at least 20% or more of their marketing budgets to influencer marketing, with 23% dedicating over 40% of their budget to this strategy. This suggests a strong commitment to leveraging influencers in their overall marketing efforts.
On the other hand, 20% of respondents allocate less than 10% of their marketing budget to influencer marketing. While this group represents a smaller percentage, influencer marketing is not a primary focus for all brands or industries.
The data also indicates that 54% allocate at least 20% or more of their marketing budgets to influencer marketing, with 23% dedicating over 40% of their budget to this strategy. This suggests a strong commitment to leveraging influencers in their overall marketing efforts.
On the other hand, 20% of respondents allocate less than 10% of their marketing budget to influencer marketing. While this group represents a smaller percentage, influencer marketing is not a primary focus for all brands or industries.
Platform Trends For Influencer Marketing
TikTok has now become the most prevalent platform used by most brands engaged in influencer marketing, with 55.5% of brands using it for their campaigns in 2023. Instagram follows closely behind at 50.8%.
As per the best-expected ROI for 2023, we witnessed a closely contested battle for the top spot between TikTok (42%) and Instagram (34%). A smaller share, 19%, believed that YouTube Shorts would yield the best ROI, while a minority of Snapchat enthusiasts, comprising 6%, favored Snapchat Spotlights.
This year, the desire to generate UGC (User Generated Content) has surged as the primary reason for influencer marketing campaigns (45%), with sales objectives dropping to 29% and awareness goals to 26%. This shift reflects the growing significance of TikTok in influencer marketing, as it has become the natural platform for UGC, with many brands enlisting influencers to create dance challenges and similar content on their behalf.
Platform Trends For Influencer Marketing
TikTok has now become the most prevalent platform used by most brands engaged in influencer marketing, with 55.5% of brands using it for their campaigns in 2023. Instagram follows closely behind at 50.8%.
As per the best-expected ROI for 2023, we witnessed a closely contested battle for the top spot between TikTok (42%) and Instagram (34%). A smaller share, 19%, believed that YouTube Shorts would yield the best ROI, while a minority of Snapchat enthusiasts, comprising 6%, favored Snapchat Spotlights.
This year, the desire to generate UGC (User Generated Content) has surged as the primary reason for influencer marketing campaigns (45%), with sales objectives dropping to 29% and awareness goals to 26%. This shift reflects the growing significance of TikTok in influencer marketing, as it has become the natural platform for UGC, with many brands enlisting influencers to create dance challenges and similar content on their behalf.
Influencer Preferences, Selection Methods, and Technology Integration
Brands highly appreciate collaborating with familiar influencers. They favor establishing ongoing relationships with influencers they have worked with before rather than going through the entire influencer selection process for each new campaign.
When choosing the influencers for their campaigns, data show that nano-influencers are the most favored choice, with 39% of companies opting for them. These smaller-scale influencers often have highly engaged and niche audiences, making them an attractive option for brands seeking authentic and relatable content.
When choosing the influencers for their campaigns, data show that nano-influencers are the most favored choice, with 39% of companies opting for them. These smaller-scale influencers often have highly engaged and niche audiences, making them an attractive option for brands seeking authentic and relatable content.
Micro-influencers follow closely behind, chosen by 30% of companies. This suggests a growing recognition among companies of the value of smaller, more specialized influencers in connecting with their target audiences and achieving their marketing goals.
Interestingly, 82% of brands do not find it particularly challenging to locate suitable influencers. This suggests that while influencer selection can present challenges, many companies have developed strategies and expertise to navigate this terrain effectively.
Interestingly, 82% of brands do not find it particularly challenging to locate suitable influencers. This suggests that while influencer selection can present challenges, many companies have developed strategies and expertise to navigate this terrain effectively.
Many companies have found success in partnering with individuals who have a strong following on social media and can promote their products or services. However, the number of influencers a company chooses to work with can vary, depending on several inside factors.
A significant portion of companies, at 39%, tend to work with a relatively modest number of influencers, falling within the range of 0 to 10. This suggests that many businesses build partnerships with a select group of influencers to convey their message to their target audience effectively.
However, it’s noteworthy that 23% of companies engage with a more extensive pool of influencers, ranging from 100 to more than 1000, indicating a diverse and broad-reaching influencer strategy for some.
Many companies have found success in partnering with individuals who have a strong following on social media and can promote their products or services. However, the number of influencers a company chooses to work with can vary, depending on several inside factors.
A significant portion of companies, at 39%, tend to work with a relatively modest number of influencers, falling within the range of 0 to 10. This suggests that many businesses build partnerships with a select group of influencers to convey their message to their target audience effectively.
However, it’s noteworthy that 23% of companies engage with a more extensive pool of influencers, ranging from 100 to more than 1000, indicating a diverse and broad-reaching influencer strategy for some.
When it comes to paying influencers, companies use different payment methods. The most common form of payment is monetary compensation, accounting for 41.6% of cases.
This suggests that a significant portion of companies opt for a straightforward financial arrangement when working with influencers.
Technology in influencer marketing
Technology has revolutionized the influencer marketing landscape, transforming it into a dynamic and data-driven industry. With the proliferation of social media platforms and sophisticated analytics tools, businesses now can identify and collaborate with influencers who align perfectly with their target audience.
Technology is making its way into influencer marketing, with a substantial 62.9% expressing their intention to utilize AI or ML, while an additional 25.4% are considering its use.
This reflects the growing awareness of the benefits of these technologies in enhancing their effectiveness and efficiency.
Companies can choose to work with AI/ML for various reasons. Influencer identification is the most prominent one, with 64% of cases. AI and ML excel at analyzing vast datasets to pinpoint influencers who are the best fit for a brand’s target audience, making the selection process more efficient and accurate.
Additionally, 13.3% of companies leverage these technologies to locate and distribute relevant content, demonstrating their effectiveness in content management and delivery. Another critical application is the identification of bogus influencers and engagements, with 5.6% of companies relying on AI/ML to ensure the authenticity of their influencer partnerships.
Companies can choose to work with AI/ML for various reasons. Influencer identification is the most prominent one, with 64% of cases. AI and ML excel at analyzing vast datasets to pinpoint influencers who are the best fit for a brand’s target audience, making the selection process more efficient and accurate.
Additionally, 13.3% of companies leverage these technologies to locate and distribute relevant content, demonstrating their effectiveness in content management and delivery. Another critical application is the identification of bogus influencers and engagements, with 5.6% of companies relying on AI/ML to ensure the authenticity of their influencer partnerships.
Companies can choose to work with AI/ML for various reasons. Influencer identification is the most prominent one, with 64% of cases. AI and ML excel at analyzing vast datasets to pinpoint influencers who are the best fit for a brand’s target audience, making the selection process more efficient and accurate.
Additionally, 13.3% of companies leverage these technologies to locate and distribute relevant content, demonstrating their effectiveness in content management and delivery. Another critical application is the identification of bogus influencers and engagements, with 5.6% of companies relying on AI/ML to ensure the authenticity of their influencer partnerships.
Evaluating ROI and Sales in Influencer Marketing
71% of brands assess the return on investment (ROI) for their influencer campaigns, an increase from 65% in 2020.
Most see Earned Media Value (EMV) as a valuable ROI metric for influencer campaigns. EMV represents historical influencer returns and the cost of equivalent advertising. In 2023, 83% view it positively, but its complexity can pose challenges in explaining concepts to managers.
As influencer marketing serves diverse purposes, from brand awareness to sales, 82% acknowledge its ability to attract high-quality customers, surpassing other approaches. This way, around 75% of brands track influencer-generated sales, mainly using email addresses (31%) and referral links (30%).
Most see Earned Media Value (EMV) as a valuable ROI metric for influencer campaigns. EMV represents historical influencer returns and the cost of equivalent advertising. In 2023, 83% view it positively, but its complexity can pose challenges in explaining concepts to managers.
As influencer marketing serves diverse purposes, from brand awareness to sales, 82% acknowledge its ability to attract high-quality customers, surpassing other approaches. This way, around 75% of brands track influencer-generated sales, mainly using email addresses (31%) and referral links (30%).
When it comes to measuring the success of influencer marketing, there are several key metrics companies consider. The most prevalent measurement approach, chosen by nearly half of the businesses, is evaluating success through views, reach, and impressions.
Additionally, around a quarter of companies prioritize engagement metrics, which include likes, comments, shares, and overall interaction with influencer content.
Most Common Measure of Influencer Marketing Success
By views/reach
By engagement
By conversion/sales
Diversity, Equity, and Inclusion (DEI) in Influencer Marketing
Approximately 60% of influencers encountered discrimination
As social media influencers across various social platforms, 58.3% reported that they had experienced discrimination, while 41.7% indicated they had not.
TikTok stood out as the platform where discrimination was most prevalent
TikTok has become progressively crucial for brands looking to participate in influencer marketing. However, it can be a challenging platform to build your presence as an influencer, especially if you deviate from the mainstream, with 58.42% encountering discrimination.
Gender-based bias was the most commonly perceived form of discrimination
Regarding a category of discrimination that influencers believed they encountered, 47.73% expressed that they had experienced gender-based discrimination.
Discrimination is most prevalent among Macro and Mega-Influencers
Macro-influencers (81.25%) and Mega-influencers (69.7%) are more inclined to acknowledge experiencing discrimination compared to smaller, less well-known influencers. This could be attributed to their celebrity status, as they have higher visibility, which makes them more susceptible to criticism or negative attention.
Conclusion
The realm of influencer marketing is continually evolving, and the statistics presented here offer valuable insights into its current landscape. The statistics surrounding influencer marketing demonstrate its effectiveness in reaching and engaging target audiences, driving brand awareness, and ultimately generating tangible results for businesses.
