PROCUREMENT

Essential Influencer Marketing Statistics You Need To Know In 2024

Jan 30, 2024

Influencer News

Essential Influencer Marketing Statistics You Need To Know In 2024

As social media continues to evolve, advertisers face new challenges and opportunities when it comes to boosting engagement, awareness and sales. Many have turned to paid advertising to speed up their results, but influencer marketing has clawed its way through the ranks in recent years and proved to be just as effective (if not more). 

In this blog we’ll unveil the latest and most impactful influencer marketing statistics we believe every advertiser needs to know to stay ahead of the curve in 2024. From engagement rates, to emerging platforms, we’ll explore key insights that can shape your strategies for running effective campaigns. 

Read on to delve into the data that currently defines the social realm and maximise the potential of influencer marketing in the digital age.

Why Is Influencer Marketing Efective?

Given the vast amounts of advertising opportunities out there, why should you consider taking the influencer marketing route? Exactly why are influencers good for marketing?

Influencers provide authenticity and trust

Unlike traditional advertising methods, influencers bring authenticity to the forefront, forging genuine connections with their followers. Audiences, fatigued by conventional promotional content, crave relatable narratives delivered by those they trust. Influencers are able to bring a personal touch to brand messaging, establishing this trust and credibility most audiences are looking for online. 

Leaning into this authentic engagement, advertisers are able to amplify their brand message more organically, increasing the likelihood of brand loyalty from their audience. 

Targeted audience reach

Influencers offer access to niche markets that would otherwise be difficult to reach through traditional channels. Their dedicated followers often share specific interests or demographics, providing advertisers with a targeted audience. Leveraging influencer partnerships allows brands to tailor their message to resonate within these communities, fostering a more personalised and impactful approach. 

Cost-effective marketing

Influencer marketing continues to prove to be a cost-effective marketing method in comparison to traditional forms of marketing. Collaborating with influencers eliminates the need for massive production budgets associated with TV or print advertising. Influencer marketing allows brands to achieve compelling content creation and distribution at just a fraction of the cost. This makes it an attractive option for advertisers with a smaller budget and those who simply wish to seek efficient ways to maximise their ROI in social media campaigns. 

global influencer marketing - influencer marketing statistics

Global Influencer Marketing Statistics

Most influencer marketing activity happens on Instagram

Globally, 72% of marketers work with creators and influencers on Instagram, making it the top social media platform for marketers to run campaigns on. This is followed by TikTok (61%), YouTube (58%), and Facebook (57%).

Micro influencers get the most work

80% of marketers work with smaller creators/influencers with under 100k followers. Just 16% work with celebrities with over 1 million followers.

Influencer marketing still takes up a small % of marketing budgets

25% of marketing agencies and brands devote between 10% and 20% of their marketing budget to influencer marketing. 23% devote more than 40%.

More and more marketers are onboarding influencers

Globally, 39% of brands, marketing professionals and agencies state they work with up to 10 influencers 12% stated they work with over 1000.

Fashion influencers are in the lead

Influencer marketers work with influencers/creators in fashion, most (41%), followed by lifestyle/vlog (40%), fitness/health (37%), food (34%), travel (33%), and family (33%).

Global influencer marketing spending

Globally, marketers are expected to spend more than $32 billion on influencer marketing in 2024.

Micro influencers make up the biggest group of all influencer tiers

Micro influencers make up 47.3% of all influencers. 

UK Influencer Marketing Statistics

The term ‘influencer marketing’ continues to grow

Google searches for “influencer marketing” grew by 400% in the UK from 2016-2023. This proves that there’s tons of interest in learning about this advertising method.

Influencer advertising spend is increasing

The spending in the influencer advertising segment in the UK is set to continuously increase between 2024 and 2028 by £353.5 million, starting at £869.02 million this year. 

These are the areas of focus for expanding influencer marketing in the UK

During a 2023 survey carried out in the UK, 54% of responding retail marketers said that in the next 12 months they were planning to increase video content produced by creators. On the other hand, 31% said they were planning to further invest in micro influencers.

Following influencers/creators is gaining popularity

In 2023, 84% of the online residential population of the UK were said to have followed influencers/creators online. 

Gen Z lead the way with influencer following

According to a survey carried out in the UK in 2023, 84% of Gen Z respondents said they follow influencers online, whereas just 68% of Millennial respondents said they did the same.

UK influencers/creators followed by type

In the UK, 37% of the residential online population state they like to watch, listen or read about TV/film content from influencers/content creators. The runner up is comedy at 32%. 

Fashion is the most popular influencer category in the UK

A survey carried out revealed that fashion social media influencers were the most popular among UK consumers and were followed by 50% of respondents. Lifestyle influencers and food/cooking influencers also made it into the top three.

Distrust still lives on in the influencer marketing realm

A survey revealed that 40% of respondents from the UK said they disapproved of the false image influencers sometimes portray, such as promoting beauty products when they’ve had surgery or using photos that have been edited. A similar share said that influencers who value quantity of quality seemed less trustworthy. 

Gen Z aren’t as privy to influencer recommendations as we think

A 2023 survey in the UK found that 56% of Gen Z did not buy products promoted by influencers. A third said they occasionally bought such products and 10% bought them regularly. 

statistics on influencer marketing - influencer marketing growth

Industry Growth Influencer Marketing Statistics

Influencer marketing is on the rise

What was a $1.7 billion industry in 2016, has since grown to become a $21.1 billion industry in 2023. It is also set to reach $22.2 billion by 2025.

Marketers want more

67% of marketers plan on increasing their budget for influencer marketing in the next 12 months.

Influencer fraud is on the decrease

Just 37% of accounts were impacted in 2022, compared to 50% in 2021.

Influencer Marketing Statistics For Business

Businesses make $6.50 for every $1 spent

On average, data shows that businesses are making $6.50 for every $1 spent on influencer marketing. 3% pull in $20 or more. 

Ecommerce stores go hand in hand with influencer marketing

For businesses with ecommerce stores, influencer marketing proves to be a popular way to reach new customers. 50.7% of all brands that work with influencers have an ecommerce store to sell their products.

Benefits & Engagement Influencer Marketing Statistics

Social media users trust influencers over celebrities

62% of social media users trust influencers over A-list celebrities, as they feel influencers authentically share their love for specific brands and products.

Influencers succeed at increasing engagement

32% of marketers state ‘increased engagement’ as the metric most effectively fulfilled by influencer marketing, making it the top metric. 19% said ‘social media traffic increase’ and 11% mentioned a lifting of brand metrics.

Influencer posts are the number one way to get people trying new products

35% of people state that seeing influencer posts on social media persuaded them to try something new.

Increased influencer marketing budgets equal an increase in engagement

A recent study suggests that an increased influencer marketing budget has been correlated with an increase in engagement rate. Just a 1% increase in influencer marketing spend resulted in a 0.5% increase in engagement. 

Nano influencers have the highest engagement rate

The average engagement rate for nano influencers is 5% and 2.2% for all influencers. 

ROI Influencer Marketing Statistics

Influencer marketing helps acquire better customers

Generating customers is one of the primary reasons brands implement influencer marketing. So, it’s good news that 51% of marketers say it’s helped them acquire better customers. This is likely because the right partnership will put you directly in front of an audience filled with potential customers.

Instagram yields the highest ROI for influencer marketing

30% of marketers state that Instagram is their top channel for ROI. 20% say they earn their biggest ROI from Facebook and the same for YouTube, whereas 14% say it’s TikTok.

Influencer-generated content performs better than branded posts

People trust influencer suggestions over brand-created social media content. That’s why 36% of marketers believe influencer content does better than branded content.

Influencer marketing trumps banner ads

Paid advertising in the form of website or social media ads has long been the way to boost brand awareness, sales, and more, but some influencer marketing statistics say it’s not the way to go. A study revealed that influencer marketing received 11x the ROI than banner ads, which is impressive!

B2B Influencer Marketing Statistics

B2B brands consider influencer marketing to be successful

86% of B2B brands consider their influencer marketing successful.

B2B influencer marketing statistics

B2B brands look for these qualities in an influencer

The top qualities B2B brands look for in an influencer are: relevance of audience (98%), audience sees them as trustworthy (87%), and subject matter expertise (78%).

Not many B2B marketers have a documented influencer marketing strategy

Less than half of B2B marketers reported having a documented influencer marketing strategy.

Webinars are more popular than you may think

Webinars are the top favoured form of B2B influencer marketing content at 81%, followed by social media 74%, and blog posts 71%.

influencer marketing statistics 2024 - influencer marketing on IG

Instagram Influencer Marketing Statistics

These are the influencer tier breakdowns

Instagram influencers with 1,000-10,000 followers account for 65.39% of influencer accounts worldwide. This is followed by micro influencers with 10,000-50,000 followers accounting for 27.73%. Mid-tier influencers with 50,000-500,000 followers representing 6.38%, and mega influencers and celebrities with more than 1 million followers accounting for 0.23%. 

Half a million influencers prefer Instagram

Brands aren’t the only ones who love Instagram. Half a million influencers said Instagram is their preferred or only channel of influence. This could be because it’s where they have the most followers, or because Instagram gives them plenty of options for the types of content they can create. 

Most sponsored Instagram posts are fashion-focused

25% of all sponsored posts on Instagram have been related to fashion. This makes it the platform’s leading topic for brand partnerships, beating food, entertainment and baby products. 

These are the top 3 brands or businesses mentioned by influencers worldwide on Instagram in 2022.

Instagram with 85.5 thousand influencers mentioning it, Zara with 66.4 thousand, and Shein with 57.2 thousand. 

The global Instagram influencer marketing size is set to expand

It’s expected to reach $22.2 billion by 2025. 

YouTube Influencer Marketing Statistics 

YouTubers are much more relatable than traditional celebrities and even friends

While celebrities still hold the power of persuasion, we seem to value the average person’s opinion more. Google says that 70% of teenage YouTube subscribers relate to YouTubers more than traditional celebrities. On a similar note, 4 in 10 Millennials say their favourite creators understand them better than their friends.

People and blogs is the most popular category

People and blogs is the most popular category for YouTube influencers, with 21% of posted influencer videos being related to this topic. This is followed by entertainment (16.8%) and music (13.7%).

YouTubers with less subscribers get less engagement

Unlike other platforms, YouTube influencers with fewer subscribers tend to get less engagement than those with higher followings. YouTube influencers with 1,000-5,000 subscribers have an engagement rate of 1.9%, compared to 3.4% for those with more than 1,000,000 subscribers. 

Videos created by top YouTubers perform better than those from celebrities

When compared to videos owned by traditional celebrities, it appears YouTube videos are generating much better results. Google says YouTube creators see 3x as many views, 2x as many actions and 12x as many comments.

Sponsored YouTube videos pay a lot

The average price of a sponsored YouTube video with more than 1 million views is $2,500.

Influencer videos make up most video views on YouTube

Influencer videos constitute 91% of video views on YouTube. Media company videos follow with 6% and brand aggregator content at 2%.

TikTok Influencer Marketing Statistics

TikTok influencers with less than 15k followers have a 17.96% engagement rate

With TikTok’s user base rapidly expanding in recent years, so have the opportunities for brands to run influencer marketing campaigns on the platform. Influencers with less than 15k followers see an engagement rate of 17.96%, beating Instagram’s 3.86% average.

These are the influencer tier breakdowns on TikTok

TikTok influencers with 1,000-10,000 followers make up 67% of TikTok influencer accounts worldwide. This is followed by micro influencers with 10,000-50,000 followers with 23%, and mid-tier influencers with 50,000-500,000 accounting 9.04%. 

78% of survey respondents buy products through TikTok

TikTok has rapidly gained popularity as an influencer marketing platform with 55.5% of marketers incorporating TikTok into their influencer marketing campaigns. TikTok users are not merely passive viewers of short-form video content, 78% of them have actively purchased a product showcased in content created by influencers on the platform. 

These are the top 3 brands mentioned by influencers on TikTok in 2022

Shein with 12.4 thousand influencer mentions, Target with 11.2 thousand and Netflix with 8.5 thousand. 

TikTok engagement rates are much higher than any other platform

TikTok influencers with 1,000-5,000 followers have an engagement rate 15.05% on average. 

Using These Influencer Marketing Statistics

As you embark on your influencer marketing journey, harness the power of these influencer marketing statistics to supercharge your campaigns. Analyse these statistics for insights into engagement rates, audience demographics and emerging platforms so that you can best tailor your strategy, carefully select influencers and their platforms, and better understand your target audience. Remember, you don’t need a huge budget to work with an influencer and create a resonating campaign, it’s all about creating something that speaks to your target audience, promotes authenticity and aligns with your brand values. By leveraging influencer marketing statistics you can ensure your campaigns are strategically-positioned for successfully generating sales with influencer marketing in the ever-evolving world of digital influence.

Our influencer marketing agency and social agency are located worldwide, with our agency network based in the USA, UK, UAE and China.

If you want to find industry insights, visit our influencer marketing and social media blogs.

@ Socially Powerful

Author

author image

Ella Proctor

latest posts

Social And Influencer Marketing News + Insights

post image

Apr 15, 2024

Uncategorized

Your Flight With TikTok Airlines is Boarding: Destination Everywhere

Read more
post image

Apr 12, 2024

Industry Trends

The Only Thing Trending Are Trends: How To Identify Meaningful Trends

Read more
post image

Apr 11, 2024

Influencer News

Influencer Sessions: Get To Know @emmaflicc_

Read more
post image

Apr 10, 2024

Influencer News

Anywhere but Here: The Top Travel Influencers on TikTok

Read more
post image

Apr 04, 2024

Social Media Platforms

Make This Summer Extra Stylish: The Best Summer Fashion Trends For 2024

Read more
post image

Apr 04, 2024

Uncategorized

SP Diaries #6: Natasha Woollard, Account Director

Read more
View all blog posts chevron icon

Get in touch

We'll show you how to start powerful conversation, drive social engagement, build your brand, hit sales targets or meet other goals you have, wherever you are in the world.

Work with us chevron icon