“By 2024, the US influencer marketing sector is expected to reach $7.14 billion”

Influencer marketing has become a popular form of advertising in recent years. According to recent studies, the global influencer marketing industry reached $16.4 billion by the end of 2022.

In the United States, the influencer marketing industry is estimated to be worth $4.6 billion in 2023. By 2024, the influencer marketing sector in the US alone is expected to have reached $7.14 billion. This will be a 15.9% increase from the previous year.

There has been a steady increase since 2016 when the industry recorded only $1.7 billion budget globally. 

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72% of Gen Z and Millennials follow influencers on social media

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A survey conducted by Morning Consult found out that 72% of millennial and Gen Z consumers are influenced by recommendations from social media influencers .Additionally, 50% of respondents said they have made a purchase after seeing a product recommended by an influencer. 88% of Millenials and Gen Z learn about goods they are interested in purchasing on social media. 56% made the purchase after seeing a post from someone they follow. 50% indicated that social media is where they often learn about new items to buy.

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Millennials and Gen Z have put more trust to influencers than their favorite celebrities and athletes. Influencers are regarded as the primary brand spokespeople.

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Influencers are also believed to be effective sales people because they seem to be more knowledgeable about the brand because in most cases they take time to interact with the product before pushing it to their audience .

A survey conducted by LTK in 2022 indicated that Instagram is one of the leading social media platforms where the young audience (Gen Z)purchases products as a result of influencer marketing.

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Overall, influencer marketing continues to grow in popularity and effectiveness, with more brands expected to invest in this form of advertising in the coming years.This growth will be experienced within the US market and beyond as multinational brands and local businesses embrace influencer marketing.

“The global influencermarketing platform marketwas valued at 148 millionU.S. dollars. It is expectedto further grow to 202million in 2022 and surpass337 million dollars in 2027.”

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