40 Latest Influencer Marketing Statistics For Marketers in 2024

As we're halfway through 2024, it's the perfect time to take a step back and review your marketing strategies. Are your current approaches delivering the results you want? Have you tapped into the power of influencer marketing yet? If not, you might be missing out on a major opportunity.

The digital space is constantly evolving, and influencer marketing is at the forefront of this evolution, offering fresh ways to connect with audiences and drive sales. But, to create influencer campaigns that truly resonate, you need to be armed with the latest insights and data. That's where we come in. We've scoured the internet to bring you the most up-to-date and impactful influencer marketing statistics for 2024.

In this report, we're breaking down 40 key influencer marketing statistics that will shape your strategy this year. The insights from these stats will help you make informed decisions and create winning campaigns.

Market Size and Growth

1. The global influencer marketing market size has more than tripled since 2019. In 2024, the market was estimated to reach a record of 24 billion U.S. dollars. (Statista).

2. The influencer marketing industry is projected to grow at a compound annual growth rate (CAGR) of 30.3% from 2021 to 2028 (Grand View Research).

3. Brands are significantly increasing their investments in influencer marketing. Linqia reported a 65% rise in the number of influencer campaigns executed with partners in Q1 2024 compared to Q1 2023 (Linqia).

ROI and Effectiveness

1. Businesses are making $5.20 for every $1 spent on influencer marketing while the top 13% of businesses are seeing a revenue of $20 or more for every $1 spent (Influencer Marketing Hub).

2. Researchers found that if firms spent 1% more on influencer marketing, they would see a nearly 0.5% increase in engagement. They also concluded that reallocating spending based on the study’s insights could result in a 16.6% increase in engagement (Journal of Marketing).

3. 61% of consumers trust influencer recommendations, compared to 38% who trust branded social media content (Tech Report).

4. 80% of marketers find influencer marketing effective for building brand awareness (Mediakix).

5. Cross-channel marketing gets 90% more engagement and customer retention when compared to single-channel marketing (WP Beginner).

Platform

1. In 2021, Instagram was the most popular platform for influencer marketing among U.S. marketers, with nearly 68 percent using it for their campaigns. This number is expected to rise to 81 percent in 2024, keeping Instagram still at the top of the chart. (Statista).

2. Facebook is the most popular social network worldwide as of April 2024, by number of monthly active users (Statista)

3. In 2024, over half of marketers (54.0%) will use TikTok specifically for influencer marketing, with $1.25 billion in US influencer marketing spend going to the platform, per the Emarketer forecast (Emarketer).

Types of Influencers

1. Nano influencers have a content engagement rate of 5%, which is significantly higher than the industry average of 2.2% (WP Beginner). 

2. 44% of brands chose nano-influencers (1K-10K followers) as their most likely partners (up from 39%), followed by 25.7% opting for micro-influencers (10K-100K) (down from 30%) (Influencer Marketing Hub).

3. Far fewer brands choose to place their focus on larger influencers, with 17.4% opting for macro-influencers (100K-1M) (down from 19%), and 12.9% mega / celebrity influencers (up slightly from 12%) (Influencer Marketing Hub).

Content Types

1. Short-form video delivers the highest ROI compared to other marketing trends, and will secure more investment in 2024 than any other format (Hubspot).

2. About 98% of US creators share brand content via Instagram feed posts, Instagram Stories, and Instagram Reels, while 69.1% go live on the platform (Emarketer).

3. According to an April 2023 survey, 25% of internet users watch creator- or influencer-led livestreams on YouTube, making it the most popular live-streaming app. This places YouTube ahead of TikTok (18.7%), Facebook (17.4%), and Instagram (14%) (Emarketer).

Budget Allocation

1. In a recent survey of marketing agencies and brands, 22.4% of respondents said they invested 10 to 20 percent of their marketing budget in influencer marketing. Additionally, 26% allocated more than 40 percent to this type of digital marketing activity (Statista).

2. TikTok creators generally charge a median rate of $700 per video, with rates typically ranging from $250 to $1,700 (Later).

3. US influencer marketing spending is forecasted to hit $7.14 billion in 2024, representing a 15.9% year-over-year growth (eMarketer).

4. The median rate for an Instagram post by an influencer with 100-150 thousand followers is estimated to be $400. Instagram influencers with the same follower count typically charge $1,500 for an Instagram Reel (Later).

Influencer Earning

1. Most influencers are compensated with money (41.6%), free products (29.5%), a steep in-store discount (17.7%), and giveaway entries (11.2%). This means paying influencers cash for their services is the top pick (WP Beginner).

2. Nearly 85% of influencers are willing to work for free products if they know and trust the brand or if the product is high-value. Most businesses adopt a hybrid approach: they pay for influencer services and also include the product they want promoted in the package (WP Beginner).

3. Micro-influencers charge between $100 and $500 per Instagram post. On the other hand, a single post from macro-influencers and mega-influencers can cost over $5,000 (Influencer Marketing Hub).

4. In 2022, the most common payment method for influencer marketing was a flat rate, used by 49.6% of brands. However, 42% of brands adopted an affiliate marketing approach, paying influencers a percentage of sales generated from their promotions. Less common payment methods included product-level payments (4%) and tiered incentives (4%) (Influencer Marketing Hub).

Demographics

1. 70% of teens trust influencers more than traditional celebrities (Upgrow).

2. 77% of Instagram influencers that make money worldwide are women (WP Beginner).

3. 32% of Gen Z claim they bought something they didn’t know existed because of an influencer recommendation  (WP Beginner).

Metrics

1. Over 75% of all influencer marketers use social media engagement metrics to track their performance (WP Beginner).

2. 69% of marketers chose engagement rate as their primary KPI when measuring the success of their influencer marketing program. Reach was the second most popular metric, selected by 53%, followed by share of voice at 43%. Conversions, traffic, and sales were also notable, with each being chosen by about 30-35% of respondents. (Linqia).

Industry-specific Stats

1. The global fashion influencer marketing market size was valued at USD 1.5 billion in 2019. It is expected to expand at a compound annual growth rate (CAGR) of 35.7% from 2020 to 2027 (Grand View Research).

2. A study from Ogilvy shows a whopping 75% of B2B businesses are turning to influencer marketing (Ogilvy).

3. The top 6 influencer niches are lifestyle, fashion, beauty, travel, model, and health and fitness (WP Beginner).

Emerging Trends

1. 63% of businesses say they use artificial intelligence (AI) to streamline their influencer marketing campaigns (WP Beginner).

2. Over 50% of influencers think natural language processing (NLP) will make their jobs easier in the future (WP Beginner).

3. According to a survey, over 60% of respondents More Than 60% of the respondents plan to use AI or ML in their influencer marketing campaigns (Influencer Marketing Hub).

4. The most popular use case (55.8%) for implementing AI/ML was using social media data analytics to identify the most effective influencers for a specific brand or campaign. (Influencer Marketing Hub).

5. 5.7% of the respondents intend to use AI to identify bogus influencers and engagements (Influencer Marketing Hub).

6. In a 2023 study, 60.4% of respondents admitted to using virtual influencers. In 2024, this number increased to 62.2% (Influencer Marketing Hub).

7. A study in the US found that 58 percent of respondents followed a virtual influencer (The Influencer Marketing Factory).

Conclusion

Influencer marketing is quickly becoming a key part of marketing strategies. If you're considering adding it to your marketing campaigns, these statistics should provide the insight you need to get started and create a successful campaign.

Need help with your marketing? We've got you covered. At The Mission, we help small and medium-sized businesses with their digital marketing. We'll work with you to reach your target audience effectively. Contact us today to talk with one of our experts and boost your marketing efforts.