Study Shows Influencer Marketing Budgets Increasing (Despite Overall Ad Budgets Declining)

Great data from The Drum. They did a survey of 3,500 consumers, marketers and influencers. Influencer marketing budgets are increasing at a time when US total media ad spending is expected to decline by 6.8%.

Here are the highlights:

A spending splurge has seen 73% of marketers throw more resources at influencer marketing – and particularly in the retail (79%), legal (79%) and manufacturing (75%) segments.

This comes as brands begin to work with influencers across more mainstream channels, such as OOH (83.3%), print (80%) and TV and radio (81.3%), as they become more confident in their ability to deliver ROI,

Indeed, the report itself suggests ROI for influencer marketing is higher than traditional advertising – a sentiment borne out of the 60% of marketers who agree.

Consumers too are broadly receptive to this change, with 38% happy to see influencers incorporated within traditional advertising.

This is especially true among the 16- to 24-year-old demographic, where 25% identify Instagram as the most likely advertising platform to lead to a purchase.

Mounting enthusiasm for influencer marketing translates to a growing willingness to explore alternative mediums, with 58% of marketers actively considering working with YouTube influencers, followed by 55% on Instagram, 35% on TikTok, 20% on Twitch and 10% on Triller.

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