The influencer advertising industry is set to have another fantastic year after growing its revenue by 17% to over $30bn in 2023. While some consumers have started losing trust in influencers, the 2024 market projections prove a different story.
According to data presented by OnlyAccounts.io, with brands and companies pouring billions into this type of advertising, global influencer ad spending is expected to jump by 13% and hit $35bn in 2024.
Ad Spending Continues Growing, but Much Slower than in Previous Years
More and more brands plan to allocate their budgets to influencer marketing in 2024 as paid ads become expensive and less visible. According to Impact.com’s research, nearly 65% of them will increase their influencer budgets for the next year, proving this type of advertising is still one of the top choices for marketers. With brands and companies spending more and more on this type of ad, the global influencer advertising industry is set to have another fantastic year, and the Statista survey proves that.
In 2022, brands and companies worldwide spent $26.3bn on influencer ads, $4bn or 17% more than the year before that. Total ad spending increased by another 17% this year and hit $30.8bn. While Statista expects total ad spending to continue growing in the following years, the annual growth rates will be far from where they have been in recent years.
In 2024, the total ad spending in the influencer advertising industry is expected to jump to $35bn, growing by 13.9% year-over-year. Statistics show 2025 will see even smaller annual growth, with ad spending increasing by 12% to $39.3bn. By 2028, the entire market is expected to hit over $52bn in total ad spending, but the annual growth rate will drop to less than 9%.
US and Chinese Brands will Generate 70% of Total Influencer Ad Spending in 2024
While brands and companies worldwide promote through influencer ads, most of the revenue in 2024 will come from only two countries. Statista data shows US and Chinese brands will generate 70% of total influencer ad spending in 2024, the same as this year.
China, the world’s largest influencer advertising market, will hit $19.1bn in total ad spending, $2.3bn more than in 2023. As the second largest globally, the US market will see one-quarter of that figure, with $5.6bn in total ad spending in 2024.
Statics show UK brands will spend $1.1bn on influencer ads next year, ranking as the third-largest market globally. Japan and Germany follow, with $862 million and $702 million, respectively. The Statista data also show that all five largest influencer advertising markets will see similar growth rates in 2024, with their revenue increasing between 13% and 14% year-over-year.
