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The influencer marketing industry was apprehensive about the pandemic’s potential impact on creators and brands. After nearly two years, it emerged stronger than ever, and brands worldwide spent around $15 billion on influencer marketing in 2022.
A closer look at the year 2022
Influencer marketing, formerly considered a gimmick, is rapidly becoming an essential tool in a brand’s marketing portfolio. Influencer marketing has been used in 93% of marketing campaigns and is now considered an important advertising strategy. Recent estimates of Indian spending prove how influencer marketing has developed into a more mainstream approach for modern brands. The Indian influencer marketing industry stands at a value of Rs 1,275 crores in 2022.
Niche micro-influencers are becoming more popular since they use a personalised approach and have strong connections with their target audience. According to a survey, approximately 22% of consumers aged 18-34 years rely on influencers for product endorsements/recommendations as they gain social validation and decision-making power. This pay-for-performance approach has enabled millions of consumers to make more informed purchase decisions daily. Brands leverage this channel to build their own marketing ecosystem.
The influencer marketing industry has evolved into a global necessity for every brand aiming for long-term success. The market is estimated to grow at a CAGR of 25% through 2026, reaching worth Rs 2,800 crores. This surge could be attributed to the growing popularity of short video formats on platforms such as Instagram, Facebook, YouTube, and other short-format video outlets. It has spurred social media consumption and the optimisation of data collection, which brands use for social media marketing. Today, India has over 467 million active social media users who spend an average of 2.36 hours daily on social media.
Influencer marketing trends that accelerated brand building
Influencer marketing has…
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