Influencer marketing is a brilliant way to reach and engage with your target audience. In this article, we’ll share 49 influencer marketing statistics that will help you understand the trends and opportunities influencer marketing provides.
Key Takeaways:
- Influencer marketing is still growing and has doubled since the pandemic
- ~80% of marketers plan to use Instagram influencers in 2023
- ~66% of consumers use short-form video content to learn about products and brands
General Influencer Marketing Statistics
Industry Value & Growth
$16.4 Billion Industry
The influencer marketing industry grew from a value of $1.7 billion in 2016 to $9.7 billion in 2020. 2021 saw continued growth as the market value reached $13.8 billion, and 2022 closed with the valuation having reached $16.4 billion.
Influencer Marketing Expected to Grow ~29% Next Year
Influencer marketing has grown more than 800% since 2016 and is not slowing down. Last year the industry grew by around 18% and forecasts are predicting that it will grow by another 28.6% this year to give it a market valuation of $21.1 billion.
“Influencer Marketing” Search Term Grows 5000% a Month
A modern recorder & indicator of what’s important to the people is what they’re typing into Google. According to Google Trends the term “influencer marketing” is growing 5,000% per month. A lot of this was driven by Covid-19 restricting the public’s movement and as a result, spending more time with their favorite influencers.
Brands Use 10X More Micro-Influencers
Brands look to work with nano and micro-influencers far more often than with mega-influencers. The main reasons given are that they are cheaper to work with, contracts are more flexible, and they usually have much higher engagement rates than mega-influencers.
Business & Marketer Opinions
90% of Marketers Believe Influencer Marketing Is Effective
Marketers are overwhelmingly in favor of influencer marketing, with 9 out of 10 believing it is one of (if not the most) effective means of marketing today. What’s more, 72% of marketers also believe that influencer marketing attracts higher-quality customers, too.
84% of Decision Makers Use Social Media to Guide Decisions
Just as business uses social media to guide the buying decisions of consumers, so too does social media guide the decisions of senior executives and decision-makers. 84% say that they follow social media to help keep on top of the latest trends and spot opportunities.
Most Marketers Struggle Finding the Right Influencer
The influencer market is booming and countless influencer marketing agencies are claiming to be able to connect the brands and influencers. Unfortunately, marketers aren’t convinced with what the agencies are providing as about 60% of them report difficulties finding the right influencer, and 22% say it’s very difficult.
User Opinions
87% of People Say They Made a Purchase Because of an Influencer
Businesses are better off working with smaller influencers than using a more traditional celebrity endorsement, with almost 9 out of 10 people admitting these types of influencers have convinced them to make a purchase. This is likely because influencers spend a long time building up their followers through honest opinions and thoughts, whereas celebrities are seen as promoting products for money or PR.
Authenticity Is the Most Important Trait
The typical person places authenticity as the most important factor in their decision whether to follow an influencer. The least important to users are the influencer’s attractiveness, the size of their following, and whether they knew anyone that already followed them.
Consumers Trust People More Than Branded Content
92% of people surveyed said that they trust the word and recommendations of other people more than branded content. For 70% of the survey group, online reviews were the next preferred source. Influencers were trusted more by 37% of the group, but this figure doubles when only looking at Gen-X and Millennials.
Top Influencers
Top of the TikTokers
If businesses want to get their products in front of as many eyes as they can, then they could do a lot worse than the 153 million followers of TikTok influencer, Khaby Lame. Other TikTok influencers like Bella Porche, David Dobrik, and Karol G have big numbers of followers, but Khaby Lame is officially the biggest star of TikTok.
Instagram’s Influencers
Instagram’s top ten influencers included only one “traditional” celebrity (Will Smith at number 10), while Khaby Lame, Charlie D’Amelio, Addison Rae, Bella Porch, and Dixie D’Amelio make up the top 5 most followed influencers on Instagram.
YouTube Is the Home of Long-Form Content
Podcasting, live-streaming, and other long-form content thrive on the YouTube Platform and some of its most popular influencers have built entire programming schedules around it. YouTube Influencers Logan Paul, PewDiePie, Like Nastya, and MrBeast have all created different ways of engaging with their audiences at scale.
Influencer Marketing Demographic Statistics
Influencer Marketing by Gender
86% of Women Use Social Media for Buying Advice
96% of women seek outside opinions and recommendations to help with purchasing decisions and a similar figure is seen in influencer marketing, with 86% of women saying that they use social media and influencers to help guide their purchases.
Men Follow Gaming Influencers, Women Follow Beauty Influencers
Although men and women are broadly interested in the same topics there are some notable differences. Men’s most followed influencer category is gaming, while for women, gaming placed second to last.
For women, the most followed category is beauty, which placed second to last for men. Interestingly, political and social influencers placed as the 6th most followed category by men but placed dead last for women.
Instagram Is Preferred by Women, YouTube by Men
For Gen-Z and Millennial men, YouTube is the preferred platform for following influencers, and Instagram is the top choice for women from the same age groups. This lines up with gender differences in the type of influencer content we enjoy. YouTube is great for gaming content, and Instagram is perfect for beauty and skin care content.
~85% of Young Americans Willing to Post Sponsored Content for Money
87% of young American women claim that they would be willing to post sponsored content in exchange for money and the men are just behind with 85%. There are differences in their approaches though. 23% of men versus 16% of women admit that they would be willing to post sponsored content even if they didn’t like the product.
Influencer Marketing by Generation
Gen-Z Most Affected by Influencer Marketing
Social media influencers have the most effect on younger groups and Gen-Z the most. Data shows that as social media users age a smaller percentage of that generation follows influencers.
More Than 70% of Gen-Z and Millennials Follow Influencers
Younger generations are more likely to follow influencers than older ones. In fact, just 27% of Gen-Z and Millennials say they don’t follow any influencers. Breaking these age groups down even further we can see that teenagers are more likely to follow many influencers
Influencer Marketing Engagement Statistics
Influencer Effect
Micro & Nano-Influencers Have Best Engagement Rates
Micro-influencers (1,000 – 5,000 followers) and nano-influencers (<1,000 followers) have the best engagement rates, typically achieving between 3% and 5% rates. As influencer follower numbers grow, it becomes difficult to maintain that number.
Half of Consumers Rely on Influencer Recommendations
49% of consumers trust influencer recommendations as much as they trust a recommendation from a friend or family member and use those recommendations when making purchasing decisions.
87% of Instagram Users Take Action from Product Information
If business was ever in doubt as to the effectiveness of influencer marketing through Instagram, recent data shows that more than four-fifths of users take some kind of action after seeing a product being promoted. Out of that 87%, a substantial 79% of users search for more product information, and two-thirds of them visit the brand’s website or app.
Influencer Marketing Platform Statistics
Instagram, TikTok, Facebook
Instagram Is the Preferred Social Media Channel
Although other social networks have more users and despite having a small drop in active user numbers, Instagram was still the preferred social network for marketers last year. Of the $16.4 billion market value, Instagram accounts for $15.2 billion, which is ~93% of the market.
Instagram Integral to 79% of Marketers
Instagram is the number one choice for marketers interested in influencer marketing, with 4 out of 5 saying that they plan to continue using Instagram as their primary influencer marketing platform in the year ahead.
78% of Monetized Instagram Accounts Are Registered as Women
Instagram is the most female-dominated social media space on the internet and this can be seen in the statistics that show more than three-quarters of all the users identify as female and of the monetized accounts females are in charge of 77% of those, too. Male users and monetized account ownership clock in at a very modest 24% and 22%, respectively.
90% of Instagram Users Follow One Business or More
Instagram’s for-business statistics show that 90% of the platform’s users follow at least one business. With more than 2 billion registered users, that’s 1.8 billion potential customers that businesses can reach.
TikTok Influencers Have Highest Engagement Rates
While the majority of influencers use Instagram and Facebook, TikTok influencers can boast about having the highest engagement rates. Where an Instagram micro-influencer might enjoy engagement rates of around 4%, a TikTok influencer has an unrivaled ~18% engagement rate. This disparity is true for larger influencers too, with TikTok mega-influencers having a 5% engagement rate compared with Instagram’s 1.2%.
YouTube’s Biggest Influencers Have 4% Engagement Rate
Unlike on other social networks, smaller (1,000 – 5,000 followers) influencers on the YouTube platform have some of the worst engagement rates, averaging just 2.04%. YouTube influencer engagement rates do grow as the influencer grows though. By the time a YouTube Influencer reaches 100,000 followers, the average engagement rate is 4%.
Twitter Influencers Worked Their Magic On 40% of Users
Not to be forgotten about, Twitter influencers were responsible for 40% of the platform’s users making a purchase, according to one study held by Twitter. This shows that consumers really want advice from the people they can connect with rather than a faceless brand.
Influencer Marketing Adoption Statistics
7% of Marketers Have Still Not Tried Influencer Marketing
Studies in different regions show varying results, but studies in the U.S. and the U.K. have shown that 93% of marketers have used an influencer at least once before and most have plans to use them strategically through campaigns in the future.
Influencer Marketing Cost & ROI Statistics
Influencer Marketing Return-On-Investment
Up to $6.50 per $1 Spent
Some studies show that the return on investment for influencer marketing can be as high as $6.50 per $1 spent. Other, more conservative studies show that the return is closer to $5. Whichever is true, TikTok is expected to provide the best returns, followed by Instagram, then YouTube.
90% of Marketers Say Influencer Marketing ROI Is Equal to or Better Than Other Options
Marketers from everywhere seem to agree that the return on investment that influencer marketing provides is at least as good, and in some cases better than the return provided by traditional or “legacy” marketing.
LinkedIn Has Lowest ROI for B2B Marketing
39% of B2B marketers use LinkedIn as a valid means of marketing. However, of those marketers that use it, just 14% of them say that it offers the highest ROI of any platform. Its return is lower than Facebook, Instagram, and TikTok.
Influencer Marketing Costs
61% of Businesses Have Content Marketing Budget
Almost two-thirds of businesses state that they have a standalone budget dedicated to content marketing. Influencer marketing opportunities are a key component of most of these businesses’ marketing strategies and are often the marketing method most prioritized.
More Common to Pay Influencer Than Give Free Product
In the early days of influencer marketing, influencers would often receive a free product in payment for their reach. Today though, it is more likely that an influencer will be paid for promoting a brand’s product or service (42%) rather than receive a free product (30%).
Influencer Marketing Collaboration & Content Strategies
71% of Businesses Have Increased Content Output
The majority of businesses (71%) report that they have upped their output of content over the last two years. Although this is lower than the previous year’s 84%, it still shows that most businesses believe increasing the frequency that they release content helps drive engagement and sales.
Influencer Marketing Has Many Purposes
Influencer marketing has many purposes, with increasing sales being the primary motivator for just 46% of businesses surveyed. The majority of surveyed businesses, 74%, said that they were interested in, or used influencer marketing for reaching new or targeted audiences, and 69% of respondents said that they used it for building brand advocacy.
Marketers Have Strong Preference for Smaller Influencers
Younger generations are more receptive to and prefer engaging with smaller, more “authentic” influencers. Marketers are aware of this and as such would much rather work with micro (30%) or nano-influencers (39%) over larger, macro-influencers (19%), and celebrities (12%).
Unfiltered Content Is the New Normal
The social media “perfect life” feed trend of the pre-pandemic period is no longer what people want to see. During the pandemic, a large portion of consumers switched over to preferring unfiltered, “real” content and this trend is expected to continue growing. Marketers have already begun to change the types of influencers they work with.
Influencer Marketing Strategies Need to Be Region Specific
Studies show that Asian brands prefer a more straightforward content marketing approach and like partnering with influencers over longer periods of time, whereas European brands lean towards a more creative and short-term approach.
77% of Companies Run In-House Influencer Marketing
An estimated three-quarters of companies prefer to run influencer campaigns with their own employees rather than using a marketing agency. This may be due to concerns that some marketing agencies provide fake influencers.
Most Marketers Prefer Campaign over Ongoing Collaboration
The majority of marketers (67%) say that they enjoy collaborating with influencers for the length of a campaign rather than a longer-term partnership. With influencer marketing performance indicators constantly changing, marketers prefer to remain flexible with who they work with.
Short-Form Video Content Is Marketers’ Favorite
A third of marketers already use short-form video content, and this is going to grow in the year ahead. 90% of marketers using short-form video already plan to increase their budgets for this type of marketing, and 21% of all marketers plan to use this style of marketing for the first time.
Influencer Marketing Has the Second Highest ROI (& the First)
Short-form video and influencer marketing offer the highest ROIs of current marketing trends. Forward-thinking business leaders and marketers can conveniently combine both these trends at the same time.
More Than 50% of Marketers Think TikTok Should Be a Bigger Focus
TikTok has quickly become the social network of choice for a large portion of younger generations, particularly Gen-Z. As such, the majority of marketers (56%) are planning on increasing investment in TikTok marketing next year, and 34% will maintain their current investment levels.
Influencer Marketing: Concerns & Challenges
Influencer Fraud Is a Concern for 68% of Marketers
Influencer fraud refers to social media users who portray themselves as real influencers by using fake followers and high-quality stock images. Two-thirds of marketers say this is a major concern and can result in a loss of $300 per post if using fraudulent influencers with over 100,000 followers. If using micro-influencers, this loss is typically between $10 and $35 per post.
Approximately One-Fifth of Content Marketer Say Creating Content Is a Primary Concern
17% of content marketers say that creating quality content that drives high levels of engagement is their number one concern. This is closely followed by concerns with how to make sure they reach the correct audience (16%).
Updating Data Privacy Regulations
56% of marketers using influencers think changing data privacy regulations (lead by government and platforms) are something they struggled with consistently over the last few years and expect that to continue moving forward.
Keeping Up with Trends
The media and trend cycle is much faster today and because of this trends on social media can quickly blow up and vanish before businesses even have time to react to them. 13% of surveyed marketers stated that keeping up with the latest trends was their biggest challenge for the year ahead.
Frequently Asked Questions
What Are Influencer KPIs?
The key performance indicators (KPIs) that an influencer should be concerned with are typically engagement rate, conversion, and referral rates.
Which Industry Uses Influencer Marketing the Most?
The fashion and beauty industry.
What Age Group Are Most Influenced by Influencer Marketing?
Gen-Z are the most likely to follow multiple influencers and are the most likely to make a purchase based on an influencer’s recommendation.
Is Influencer Marketing Effective?
Yes. Marketers, data, and surveys all say that the return on investment is as good, if not better, than traditional marketing and costs less.
How Big Is the Influencer Marketing Industry?
The market grew from $13.8 billion to its current value of $16.4 billion. The market is expected to total more than $20 billion by the end of the year.
What Trends Are Shaping Influencer Marketing?
Unfiltered, real-life content and influencers are going to continue to be what consumers and brands are looking for moving forward. Smaller influencers that have better engagement with their audiences will continue to be the best way for brands to reach their target audiences.
Sources
In addition to our own research, we’ve used data from Statista, SmartInsights, SemRush, InfluencerMarketingHub, Instagram, Facebook, Cheq.ai, MeltWater, MorningConsult, HubSpot.
