30 Influencer Marketing Statistics You Should Know for 2024

In the last few years, influencer marketing has grown to become a valuable tool for marketers looking to reach new audiences with their brand. Don’t believe us? We’ve got the influencer marketing stats to prove it.

Now, the idea of collaborating with someone and paying them to promote your business on social media channels can seem a bit intimidating at first. You can’t help but think, “What if it doesn’t work?”

We’re here to put those fears to rest with some influencer marketing statistics for 2024 that prove the value of this effective strategy.

Want to get started with your own influencer marketing strategy? Give WebFX a call at 888-601-5359 or contact us online, and we’ll help you get started.

Ready to learn how influencer marketing effectiveness is not something to ignore? Read on to see 30 influencer marketing statistics for 2024 now.

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What is influencer marketing?

Surely you’ve run across a social media post from one of your favorite celebrities talking about a product or service they love, right? That’s influencer marketing, and we’re exposed to it much more than we realize.

Influencer marketing is a digital marketing tactic in which marketers team up with an influential figure that has a significant following, whether they have millions of followers or thousands, to share your message and promote your brand.

The most important part of influencer marketing is to choose an influencer not based on follower count, but their ability to reach an audience you want to connect with.

Influencer marketing is a form of word-of-mouth advertising, arguably the oldest form of advertising in the book. While customers pay attention to the brands themselves, they value the opinions directly expressed to them by others because it feels a bit more authentic and genuine.

Influencer marketing is incredibly beneficial to advertisers looking to get the word out to audiences about their brand. It’s been steadily gaining more popularity as a marketing tool — check out these 30 influencer marketing stats to see why!

General influencer marketing stats for 2024

1. $21.2 billion is the worth of the influencer marketing industry
2. $4.6 billion is the estimated amount brands could spend per year on influencer-related marketing campaigns
3. $22 million is how much the global market size of influencer marketing is expected to reach by 2025
4. 90% of marketers believe influencer marketing is an effective form of marketing
5. 73% of marketers plan to increase their influencer marketing budgets over the coming year

Influencer marketing statistics by social media platform

Instagram, YouTube, and TikTok are the top three platforms for influencer marketing spending for 2022:

6. Instagram: $2.2 billion
7. YouTube: $948 million
8. TikTok: $774.8 million

These three social media sites are extremely valuable platforms for marketers and influencers. Take a look at some statistics regarding influencer marketing effectiveness on Instagram, YouTube, and TikTok.

Instagram

9. $2.3 billion is the Instagram influencer market size
10. 68% of marketers use Instagram for influencer campaigns
11. 18% of marketers say Instagram offers the best ROI for influencer marketing
12. 2% is the average engagement rate for Instagram influencers with over one million followers
13. 500,000 influencers are active on Instagram

YouTube

14. $6.6 billion is the YouTube influencer market size
15. 47% of marketers are expected to use YouTube for influencer marketing by 2025
16. 36% of marketers use YouTube for influencer campaigns
17. 4% is the average engagement rate for YouTube influencers with over one million followers

TikTok

18. 55% of marketers are expected to use TikTok as part of their influencer marketing strategy by 2025
19. 42% of marketers use TikTok for influencer campaigns
20. 14% is the average engagement rate for TikTok influencers with over one million followers
21. 50,000 influencers are estimated to be active on TikTok

Influencer marketing stats about consumer behavior

22. 94% of consumers say authenticity is a key reason they follow influencers
23. 66% of consumers say influencers often drive their purchase decisions
24. 64% of consumers say influencers have helped them discover new brands
25. 7/10 consumers say they trust influencers’ recommendations just as much as the opinion of real-world friends

Influencer marketing ROI statistics

26. $5.20 is how much businesses make for every $1 they spend on influencer marketing
27. 70% of brands track sales from influencer marketing campaigns
28. 67% of marketers believe the quality of customers they’ve generated from influencer marketing is better than other forms of marketing
29. 54% is how much revenue and new leads increase for businesses that invest in influencer marketing
30. 11 is how many times greater influencer marketing ROI is than other types of marketing like banner ads

Become a part of these exciting influencer marketing statistics with the help of WebFX

WebFX offers data-driven influencer marketing services that can help you grow your brand awareness and revenue. With us (and a powerful influencer), you can begin accomplishing your social media and influencer marketing goals.

Give us a call at 888-601-5359 today or contact us online to get started!