Top 20 Influencer Marketing Spend in 2024

Influencer marketing reached new heights with technological advances in social media and business branding. Between 2019 and 2023, the industry has more than tripled its market size from $6.5 billion to a record-breaking $21.1 billion. Many brands leveraged influencers due to their impact on consumer purchases, causing a surge in influencer marketing spend.

With the need to keep up with the latest trends and strategies, marketers see growth and potential in influencer collaborations. Staying on top of the influencer marketing statistics helps businesses reinvent their brand voice.

This article will discuss the top 20 influencer marketing spend in 2023 and its effects on consumer behavior. Continue reading below to see how influencer marketing success affects industry growth and ROI.

How Much Do Brands Spend On Influencer Marketing?

The global influencer marketing spend in 2022 reached $28 billion. In the US alone, 68% of brands commit to increasing their influencer campaign budgets, leading to a rise in influencer spending. With more brands investing in influencers, the market predicts an annual growth rate of 13.2% by 2027.

This data could lead to marketing opportunities, better branding deals, and increased content creation for brands and influencers. Small and huge brands invest in influencer marketing to drive traffic, raise awareness, and build a reputable image. These rewards come at varying costs globally, benefiting the brand and the influencer.

Keep reading to get a glimpse of the influencer marketing spend in 2023.

Global Influencer Marketing Spend in 2023

Many businesses use influencer marketing today because many well-paid creators promote their products on the platform. While “influencers” have been around for a while, it was only around 2010 that they started populating social media platforms. 

In 2020, 56% of brands relied on influencers to generate leads during economic challenges brought on by COVID-19. More businesses turned to online channels to expand their audience reach. By 2023, there are around 50 million global influencers. 

Companies saw the potential of influencer marketing as it boosts sales through innovative campaigns. The following stats reveal the influencer marketing spend worldwide across social media platforms.

1. The US predicts a $4.6 billion influencer marketing spend in 2023.

(Retail Touchpoints)

US brands anticipate a 70% increase in influencer marketing spending between 2018 and 2023 due to increased audience reach and engagement. 68% of brands also don’t mind spending on quality content creators - if it boosts their overall business branding.

Regarding content creation with influencers, Instagram remains the top social media platform for 87% of brands. Meanwhile, 97% of businesses use short-form video marketing on TikTok and YouTube.

2. The Instagram influencer marketing spend reached $8 billion in Q4 of 2020.

(Business of Apps)

Brands base their Instagram marketing budget on the influencer’s engagement and follower count. High engagement levels and broad audience reach are two main reference points in influencer marketing pricing.

As most high-paid creators advertise on the platform, Instagram remains to have the highest influencer marketing spend. Moreover, Instagram’s growing popularity among consumers made it more dependable for brands to sell products. According to Meta, 83% of consumers buy new items through Instagram.

Pricing may vary slightly among influencers. On average, the general pricing per Instagram post is:

3. 80% of marketers prefer working with small influencers to spend less money.

(Influencer Marketing Hub, Sprout Social)

Most marketers prefer working with small creators with under 100,000 followers for lesser expenses. Small influencers also drive more engagement at a rate of 6%, compared to mega-influencers, who only drive 1.97%, 

While this is reasonable, it’s not the only goal of businesses. 44% of these brands find building long-term relationships with small creators easier. Small influencers are more relatable and intimate, creating trust for most followers.

4. 9 out of 10 marketers spend on influencer marketing, with 71% willing to increase their budget.

(Oberlo, Influencer Marketing Hub)

Businesses allocate a fair budget for influencer marketing, including those who use social media advertising for the first time. Still, most companies try to keep the cost low. 43% of brands try to lower their influencer marketing spend to $10,000 at most.

22% consider spending between $10,000 - $50,000, and 14% spend between $50,000 - $100,000 a year. This data suggests that while brands increase their influencer marketing spending, they keep their budget low within these ranges.

5. YouTube remains the most expensive influencer marketing platform, with an average of $4,500 per video.

(Business of Apps)

YouTube pricing fluctuated significantly between 2014 to 2021. The highest pricing point of a YouTube video was in 2017, when marketers spent nearly $8,000 per post. In 2021, the average pricing dipped to around $4500 per video. 

The emergence of video-sharing apps like TikTok changed the pricing landscape to a lower range. However, for 2023, the app stays the priciest platform for influencer marketing compared to popular social media apps such as Instagram, TikTok, and Facebook.

What Are The Brands That Spend The Most On Influencer Marketing?

Many brands surprise their consumers with million-dollar-worth collaborations. In 2019, the American fast fashion retailer Fashion Nova spent $40 million on Instagram influencer marketing. 

In 2022, over 4,000 brands spent $514.9 million combined on YouTube sponsorships. This data demonstrates the exponential growth of the brand and content creator relationship.

Below are the top brands that spend the most on influencer marketing, transforming it into a billion-dollar industry:

6. NordVPN spent $4.12 million in YouTube influencer marketing in Q4 of 2022 alone.

(Statista)

NordVPN is the highest tech spender on YouTube, leading in influencer marketing spending in the US and Canada. In Q1 of 2023, Its influencer media value on YouTube reached $2.64 million.

Today, Nord's YouTube videos generated over 10 billion views and an ROI of 5-10 times their marketing budget. One feature that led NordVPN to the top is incentive models and affiliate programs for content creators. 

7. Fast-moving consumer goods (FMCG) spent 62% more on influencer marketing than other sectors.

(Social Samosa, Zefmo)

The fast-moving consumer goods (FMCG) industry increased its ad spending in  2021. During this time, short videos were the popular marketing approach due to their laidback nature on the “Big Four” platforms:

• Instagram
• YouTube
• Facebook (Meta)
• Twitter

Micro-influencers jumped into this trend and saw a 35% surge in earnings. Of all industries, personal care brands invested 1.5-3 times more in long-term deals with small influencers.

8. Fashion Nova dominates Instagram influencer marketing with a 600% growth annually.

(Ad Mass)

The world’s fastest-growing fashion line is the leading Instagram influencer marketing brand in the US and Canada. Fashion Nova grew its brand by 600% yearly without traditional marketing. As of September 2023, the fashion line’s Instagram account has 21.6 million followers.

Regarding ROI, the public is aware of the brand’s standing. Web Smith said on Twitter that Fashion Nova ranked 186th on the Top 1000 eCommerce marketing.

They earned $594M in 2019 and landed at number 186 on the Top 1000 in eCommerce. Oh and they paid for it with cash flow.

— Web Smith (@web) March 2, 2020

Influencer Marketing Industry Growth

The global influencer marketing industry witnessed a 29% growth in the past year, surging from $16.4 billion in 2022 to $21.1 billion. This growth shows that ROI is also booming, encouraging marketers to increase their spending on influencers.

As the relationship among creators, brands, and consumers remains strong, the influencer marketing industry predicts rapid progress. The following stats reveal industry growth forecasts and market trends you should know in 2023.

9. The global influencer market forecasts a $24.1 billion revenue by 2025.

(MarketsandMarkets)

The influencer marketing market anticipates a growth of 32.0% between 2020 and 2025. Several factors drive this significant growth, including:

• Higher demand for micro-influencers
• Organization’s shift toward content marketing
• Increased smartphone usage
• Rise of video-based content
• Adoption of ad-blocking software

The boost in internet penetration across regions increases the adoption of influencer marketing solutions.

10. The micro-influencer market size reached 91% in 2021 as demand for organic content surged.

(Social Shepherd)

The global micro-influencer market grew by 2% between 2020 and 2021, from 89% to 91%, respectively. More brands collaborate with small influencers for more organic content and cost-effectiveness.

In terms of engagement, micro-influencers lead in various social media platforms than mega-influencers. Their average engagement rate in TikTok is 17.96%, while mega-influencer engagement is 4.96%.

11. Facebook leads the social network market, with over 3 billion monthly active users.

(LinkedIn, Hootsuite)

While Instagram dominates the top influencer marketing platforms, Facebook remains the most prominent social network by active monthly users. A solid Facebook presence with a broad audience and demographics is vital to social media marketing.

Hootsuite’s Facebook statistics report that 54.9% of its users actively search for products on the platform. With a tweak in marketing strategy, marketers can make a solid customer base on Facebook alone.

12. 92% of consumers trust brands with user-generated content.

(Eternity Marketing)

48% of marketers recognize the value of brand-specific and spontaneous content. Unlike traditional marketing, user-generated content (UGC) makes advertising more human and 9.8 times more impactful.

User-generated content influences the purchasing decisions of 79% of people. It is a powerful influencer marketing tool because of its authenticity factor and “social proof.” Unlike sponsored or traditional ads, UGC provides consumers with a more personal brand impression and recommendation.

13. 8 in 10 consumers would buy a product recommended by influencers they follow.

(LXA Hub, HubSpot)

Sponsored content is not as compelling for US consumers, with only 4% trusting “sponsored” posts. However, most consumers are still willing to try brands promoted by an influential person they follow.

In a HubSpot survey, 50% of millennials value influencer recommendations, and only 38% regard product suggestions from a celebrity. The growing influencer potential is one of the reasons marketers increase their spending on content creators.

Influencer Marketing ROI

On average, brands earn $6.50 for every $1 spent on influencer marketing. This revenue brought the influencer marketing spend from $3.69 billion to $4.14 billion in the US alone.

Brands that spend the most on influencer marketing have 11 times higher ROI than traditional advertising. 60% of marketers agree that influencers are influential lead generators, as demonstrated by this metric. Yet, 33% of brands still do not measure ROI.

Keep reading to understand the growing importance of influencer marketing ROI and get a perspective on how it is measured.

14. 67% of influencer marketers measure return on investment (ROI).

(Shopify)

One of the reasons businesses keep track of their ROI is the changing algorithms of marketing platforms. Unfortunately, 33% of marketers do not make this their practice.

By measuring ROI, 89% of brands found that influencer marketing has higher returns than other digital marketing channels. Additionally, it’s a cost-efficient way to get quality content.

15. Brands earn $4.87 media value for every $1 spent on Instagram influencer marketing.

(Growth Collective)

Instagram posts influence nearly 75% of consumer purchasing decisions. The app’s distinctive features help brands present their products better, allowing users to navigate easily.

97% of marketers agree that Instagram is now the “most important influencer marketing channel.” Of the 4.48 billion global social media users, 30.94% visit Instagram regularly. Typically, an audience this huge increases the chances of the brand or product getting noticed.

16. 42% of people claim that TikTok will have the highest ROI for short-form video content in 2023.

(Influencer Marketing Hub)

The rise of TikTok divided the global influencer marketing pie across social media platforms. Regarding ROI, 42% agree that TikTok delivers the best return.

TikTok’s sudden popularity caused older social media channels to introduce short-form videos. Instagram Reels come close to TikTok for the best ROI, voted by 34% of respondents—meanwhile, 19% bet on YouTube Shorts and 6% on Snapchat Spotlights.

17. 83% of firms regard earned media value as a good metric for influencer marketing ROI.

(Influencer Marketing Hub)

Numerical data provides insight into the impact of an influencer marketing campaign. One key indicator in measuring ROI is earned media value (EMV), which quantifies the value of influencer content.

A few metrics measure ROI, but EMV stood out for most of this survey’s respondents. Only 20% disagree that EMV is the best measure, but 17% do not understand this metric.

Statistics on the Benefits of Influencer Marketing

Influencer marketing via word of mouth reaps benefits, such as increased brand visibility and customer trust. 68% of consumers value product suggestions from families, friends, and influencers more than sponsored ads.

Powerful social media marketing platforms like Facebook and Instagram already exist. It’s now up to businesses to take advantage of these networks and create effective strategies. Small to large brands can enjoy the following influencer marketing benefits.

Here are more statistics on the benefits of influencers to brand marketing.

18. Influencer marketing helps 51% of brands in attracting quality customers.

(Digital Marketing Institute, Sprout Social)

Most brands need help to build meaningful connections with customers. In a Sprout Social survey, 55% of consumers prefer brands that connect them with like-minded people.

Consumers resonate more with the brand and its values this way, creating a community of better customers. Through this connection, brands gain better customer retention and advocacy benefits.

19. 52% of brands have built long-term ambassador partnerships.

(Affable)

Influencer marketing creates a give-and-take relationship between brands and creators. Both can enjoy the following benefits from long-term partnerships.

• Credibility and trust for a target audience
• Improved product knowledge and experience for influencers
• Cost-efficient and target-specific content marketing
• Authentic content with more context

Influencers like to work with brands for a long time to make better content, with 79% preferring long-term partnerships. Likewise, 71% of brands believe it is a good strategy for business.

20. Influencer marketing increases brand visibility by 82%.

(LinkedIn)

Influencer accounts can have a more engaged following than brands do. With an established audience reach, influencers increased brand visibility and awareness, raising the bar by 82%.

For example, beauty influencers have an average engagement rate three times higher than brand accounts. This rate means the content they generate will have a broader market, even reaching fresh audiences.

Conclusion

Monitoring your influencer marketing expenditure is crucial for calculating a brand's ROI. Regardless of the budget, influencer marketing can yield substantial returns for a business.

It's essential to recognize that digital marketing landscapes are constantly evolving. Algorithms shift, costs vary, and consumer behaviors change over time. To proactively adapt to these fluctuations, staying informed is critical. 

Businesses must also remain flexible and attuned to trends to enhance their branding and organizational strategies.