BLOG POST BY: Content Creator
November 16, 2023

The 42 Key Influencer Marketing Statistics You Need to Know in 2024

In a social era fuelled by clicks, likes, and follows, crunching the numbers is more than just a game—it’s the secret sauce to mastering your brand’s digital reach. Influencer marketing is no longer a buzzword; it’s a thriving ecosystem with metrics that matter for 2024 and beyond. And with platforms ranging from Instagram to TikTok to YouTube to Twitch, the realm of influencer marketing is as diverse as it is influential. So, what are the key digits that can elevate your brand from being a wallflower to the belle of the social media ball?

Look no further. We’ve compiled the 42 influencer marketing statistics you need to know ready for your 2024 campaign. These aren’t your run-of-the-mill stats; they’re the pivotal indicators of what’s driving ROI, turning heads in B2B circles, and setting Instagram ablaze. The benefits of influencer marketing are backed by numbers that don’t just skim the surface—they dive deep into the core of effective digital strategies. 

These are the influencer marketing statistics that will set the stage for 2024. Let’s delve in, shall we?

Influencer Marketing Global Landscape Statistics

  1. Globally, 72% of marketers work with influencers and creators on Instagram, making it the top social media platform marketers state they work with influencers and creators on. This is followed by TikTok (61%), YouTube (58%) and Facebook (57%).
  2. 80% of marketers work with smaller creators/influencers with under 100k followers. Just 16% work with celebrities with over 1 million followers.
  3. 25% of marketing agencies and brands devote between 10 and 20% of their marketing budget to influencer marketing. 23% devote more than 40%.
  4. Globally, 39% of brands, marketing professionals and agencies state they work with up to 10 influencers. 12% stated they work with over 1000.
  5. Influencer marketers work with influencers/creators in fashion the most (41%), followed by lifestyle/vlog (40%), fitness/health (37%), food (34%), travel (33%), and family (33%).

Influencer Marketing in the United States Statistics

  1. By 2024, brands in the US are expected to spend $7.14 billion on influencer marketing. 
A Graph Showing Us Influencer Marketing Spend Growing From $2.42 Billion In 2019 To $7.14 Billion In 2024
  1. In 2023, $1,958 million is expected to be spent on Instagram influencer marketing in the US, and this is then expected to grow to $2,210 million in 2024, making it the top channel for influencer marketing spend. This is followed by TikTok ($989 million 2023), YouTube ($962 million 2023) and Facebook ($896 million 2023).
  2. 35% of consumers in the US said they had purchased a product or service promoted by virtual influencers.  

Influencer Marketing Growth Statistics

  1. The global influencer marketing market size is estimated to be worth $22.2 billion by 2025 -more than double what it was in 2020 ($9.7 billion).
  2. 67% of marketers plan to increase their budget for influencer marketing in the next 12 months.
  3. Influencer fraud is on the decrease, with just 37% accounts impacted in 2022 compared to 50% in 2021. 
  4. Over 80% of U.S. marketers in companies larger than 100 employees were expected to use influencers for marketing purposes by 2025, compared to 69.7% in 2021.

Influencer Marketing Benefits & Engagement Statistics

  1. 62% of social media users trust influencers over A-list celebrities, as they feel influencers authentically share their love for specific brands and products.
  2. 32% of marketers state ‘increased engagement’ as the metric most effectively fulfilled by influencer marketing, making it the top metric. 19% cited ‘social media traffic increase’ and 11% mentioned a lifting of brand metrics. 
  3. Social media influencer posts are the number 1 way to get people to try new products with 35% of people stating it has made them try something new.
  4. In a recent study, 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% boost in engagement.
  5. Nano influencers have the highest engagement rate at 5% on average. The average for all influencers is 2.2%.
  6. 32% of Gen Z have bought a purchase as a result of an influencer’s recommendation. 

Influencer Marketing ROI Statistics

  1. Instagram yields the highest ROI for influencer marketing with 30% of marketers stating it is their top channel for ROI. 20% say they get their biggest ROI from Facebook and the same for YouTube, whereas 14% claim it to be TikTok.
  2. 29% of influencers in the US would work with a brand just for free products if they loved the brand. 54% would work for free products if the value was high. But 17% would not work for free products.
  3. On average, brands can earn $5.78 for every dollar spent on influencer marketing.
  4. 51% say that influencer marketing has helped them to acquire better customers. 

B2B Influencer Marketing Statistics

  1. 86% of B2B brands consider their influencer marketing successful. 
Pie Chart Showing 86% Of B2B Brands Consider Their Influencer Marketin As Successful
  1. The top qualities that B2B marketers look for in a B2B influencer are: relevance of audience (98%), audience sees them as trustworthy (87%) and subject matter expertise (78%).
  2. Less than half of B2B marketers reported having a documented influencer strategy. 
  3. Webinars are the top favoured form of B2B influencer marketing content at 81%, followed by social media 74% and blog posts 71%.
  4. 30% of B2B marketers in the US planned to explore influencer marketing more in 2023. 

Instagram Influencer Marketing Statistics

  1. Instagram influencers with 1,000 to 10,000 followers accounted for 65.39% of influencer accounts worldwide. This is followed by micro-influencers with 10,000 to 50,000 subscribers, accounting for 27.73%, Mid-tier influencers with 50,000 to 500,000 followers representing 6.38% and finally,mega-influencers and celebrities with more than one million subscribers who account for 0.23%.
  2. The average minimum price per post of Instagram mega-influencer with 1 million+ followers worldwide is $1200.
  3. The top 3 brands or businesses mentioned by influencers worldwide on Instagram in 2022 were Instagram with 85.5 thousand influencers mentioning it, Zara with 66.4 thousand influencers, and Shein with 57.2 thousand.
  4. The global Instagram influencer market size is expected to reach $22.2 billion by 2025.

TikTok Influencer Marketing Statistics

  1. TikTok influencers with 1,000 to 10,000 followers make up 67% of TikTok influencer accounts worldwide. This is followed by micro-influencers with 10,000 to 50,000 followers with 23% and mid-tier influencers with 50,000 to 500,000 followers, accounting 9.04 percent.
  2. The top 3 brands mentioned by TiKTok influencers in 2022 were Shein – 12.4 thousand influencer mentions, Target with 11.2 thousand and Netflix with 8.5 thousand. 
  3. TikTok influencers with 1,000 to 5,000 followers have a huge 15.04% engagement rate. 

Twitch Influencer Marketing Statistics

  1. Twitch has the highest average cost paid per post out of all social media platforms at $4,373. Video based social platforms command the highest prices.  
Chart Showing Average Cost Per Post On Social Platforms - Facebook The Lowest At $642 Compared To Twitch At $4,373
  1. A live influencer boxing event on Twitch hosted by Ibai Llanos broke the record of concurrent viewers on a single stream with over 3.44 million viewers watching at the same time.

YouTube Influencer Marketing Statistics

  1. 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%. 
  2. Unlike other platforms, YouTube influencers with fewer followers tend to get less engagement than those with higher followers. YouTube influencers with between 1,000 and 5,000 followers have an engagement rate of 1.9%, compared to 3.4% for influencers with more 1,000,000 followers.
  3. The average price of a sponsored YouTube video with more than 1 million views is $2500
  4. 28% of US consumers follow at least one virtual influencer on YouTube.
  5. Influencer videos constitute 91% of video views on YouTube. Media company videos follows with 6% and brand aggregator content at 2%. 

Key Takeaways from These Influencer Marketing Statistics

In today’s interconnected world, influencer marketing has firmly established itself as a pivotal component of a comprehensive digital strategy. While platforms like Instagram, TikTok, YouTube, and Facebook each offer their unique advantages, the key is to understand where your target audience spends their time and how they engage. Brands are increasingly inclined to collaborate with smaller creators who have under 100k followers, underscoring the shift towards authentic, relatable voices over mere celebrity endorsement. With a significant portion of marketing budgets now earmarked for influencer campaigns, and this only looking to grow further in future years, it’s clear that influencer marketing is not a passing trend but a long-term investment. From fashion and lifestyle to gaming, different sectors are leveraging influencer partnerships for enhanced reach and engagement. If influencer marketing isn’t yet a part of your 2024 plans, now is the time to rethink your strategy.

Concluding thoughts

And so we unravel the essential influencer marketing statistics that could become the cornerstone of your 2024 campaigns. In the ever-evolving digital landscape, these statistics are your North Star. Whether it’s tapping into Instagram’s mammoth reach or leveraging the viral power of TikTok, the right influencer can propel your brand into the digital limelight. It’s not merely about impressive numbers; it’s about a strategic alignment that can provide unparalleled ROI. If your objective is to be a brand that not only exists but excels in this competitive market, then it’s high time you turned these statistics into action.

Need assistance with your influencer marketing strategy? Goat is here to shepherd you through this complex yet rewarding world with insights that are backed by irrefutable data, guaranteed results and a proven track record. Whether you are a fledgling business wanting to make an impactful entry or an established brand aspiring for deeper consumer relationships, we offer bespoke solutions that are as fluid as the influencer marketing landscape. Transition from a follower to a trendsetter – get in touch with us today.

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Written by: Content Creator