50 Latest Influencer Marketing Statistics You Must Know in 2023

Influencer marketing is much older than you recognize but has gained traction in the past few years. Before that, celebrity endorsements were all the rage. But, as people started creating content on various social channels, they increased their influential power. As a result, they came across as more authentic, transparent, and persuasive to their audience.

But how do you support these claims about influencer marketing?

We have curated a list of the most prominent influencer marketing statistics to help you.

Why Influencer Marketing Matters?

Over the past few years, influencer marketing has become a billion-dollar industry due to its various benefits. Here are some of the key benefits that you can get from influencer partnerships:

Boost brand awareness

Influencer collaborations are one of the best marketing strategies to put your brand in front of your target audience. As influencers already have an engaged audience, they can amplify your brand's voice and make them aware of you.

For instance, micro-influencers have a niche audience. So, they can create a product review reel on Instagram and help you increase awareness about your product's new feature.

Help generate more conversions.

Social media influencers are considered more authentic and trustworthy sources of information. It allows them to hook their target audience and compel them to take the desired actions. It is why 33% of Gen Z have bought something because an influencer recommended it in the past three months.

So, by developing an effective influencer marketing strategy, you can drive higher conversions.

Build trust among your audience.

When you collaborate with influencers, their audience perceives you positively as they already trust the influencer. So, by asking them to be your brand voice and advocate, you add a human factor. As a result, it makes the audience trust your brand more.

Key Influencer Marketing Statistics

Here are 50 influencer marketing statistics to give you an overview of the current state of influencer marketing.

Influencer Marketing Industry Statistics

In 2022, the creator economy was valued at 16.4 billion U.S. dollars. Source
The influencer marketing industry is expected to be worth $21.1 Billion in 2023. Source
Over 1 in 4 marketers currently use influencer marketing. Source
In the past 3 months, About 33% of Gen Z have bought something because an influencer recommended it. Source
1 in 4 Gen Z prefers to find out about products from influencers. Source
8 in 10 social media marketers believe most brands collaborate with influencers to be the face of their brand in 2023. Source
In 2023, 84% of marketers plan to launch at least one influencer marketing campaign. Source

Influencer Marketing Budget Statistics

Here are some important influencer marketing statistics based on the brand's budget and how it has changed over the years.

In 2022, 39% of marketers invested 10-20% of their marketing budget into influencer marketing. Source
In 2021, approximately four billion USD was spent on influencer marketing in the United States. Source
67% of businesses intend to increase their influencer marketing budget in 2023. Source
43% of brands spend less than 10k on influencer marketing campaigns. And only 11% spend more than 500k. Source.
According to a World Federation of Advertisers (WFA) survey, 74% of businesses said the economic downturn influences their 2023 budget decisions. Source
By 2026, virtual influencers will get at least 30% of influencer marketing budgets. Source
89% of CMOs and senior marketing executives plan to increase marketing investments for 2023, signaling competitive opportunities for brands. Source
The most used influencer payment method is to pay a percentage of sales, and the number of brands using this method has jumped from 42% in 2022 to 53% in 2023. Source.
PayPal and wire transfers are the most used payment mode used by brands to pay influencers. Source.

Influencer Marketing ROI Statistics

If you have created and implemented an effective influencer marketing strategy, you can witness a similar ROI as discussed below:

On average, influencer marketing generates $6.50 in revenue for each $1 invested. Source
71% of brands track the ROI from their influencer campaigns. Source
Views/reach/impressions, engagement, and conversions/sales are the most common metrics to assess the ROI generated from influencer marketing campaigns. Source
More than 75% of brands also started using earned media as a metric to assess the success of their influencer marketing campaigns. Source
72% of brands run influencer marketing campaigns in-house, while the rest uses agencies. Source
Influencer whitelisting outperforms traditional social media ads by 20-50%. Source
82% of marketers believe that influencer marketing brings in high-quality customers compared to other marketing strategy. Source.
45% of brands use influencer marketing to increase user-generated content via influencer campaigns. Source
38% of U.S. marketers use influencer marketing to achieve their goal of generating sales. This was followed by 29% citing raising brand awareness as the second goal. Source

Influencer Marketing Platform Statistics

55% of brands use influencer marketing platforms to discover and communicate with new influencers. Source
62.9% of marketers will likely use A.I. and ML to find influencers and create more effective influencer marketing campaigns. Source

Influencer Preferences Statistics

More than half of brands prefer to work with small influencers. Of these, 39% prefer to work with nano influencers (1K-10K followers), while 30% prefer to work with micro-influencers (10-100K followers). Source
More than half of brands prefer collaborating with social media influencers they've worked with. Source.
60% of brands have collaborated with virtual influencers. Source.
Nano influencers tend to post 67% more sponsored content than macro or mega influencers on Instagram. Source
Influencers with fewer followers, such as micro and advocate Influencers, drive higher levels of engagement (~3.1%-4.5%) than those with larger followings (~2.5%). Source
58% of people follow at least 1 virtual influencer. Source
The top three most in-demand influencers are from fashion, lifestyle vloggers, and fitness/health categories. Source

Social Media Platforms Statistics

90% of influencers are active on Instagram, 66% on TikTok, and 34% on Facebook. Source
TikTok and YouTube are the top favored and top-earning social platforms in 2023. - Source
93% of influencers tend to post content on multiple platforms. Source
Brands and celebrities have increased their Instagram reel usage in their overall marketing strategy. The number increased to 241% in Q1 2023 compared to Q1 2022. Source

Instagram Influencer Marketing Statistics

89% of marketers chose Instagram as the most preferred social media channel for influencer marketing. - Source

As per Influencer Marketing Hub, here's a pricing breakdown for different types of influencers.

Nano influencers (1000 - 10,000 followers): $10 - $100 per post
Micro-influencers (10,000 - 50,000 followers): $100 - $500 per post
Mid-tier influencers (50,000 - 500,000 followers): $500 - $5,000 per post
Macro influencers (500,000 - 1,000,000 followers): $5000 - $10,000 per post
Mega influencers (1,000,000+ followers): $10,000+ per post

YouTube Influencer Marketing Statistics

As per Influencer Marketing Hub, here's a breakdown of different pricing charged by Youtube influencers.

Nano influencers (1000 - 10,000 followers): $20 - $200 per video
Micro-influencers (10,000 - 50,000 followers): $200 - $1000 per video
Mid-tier influencers (50,000 - 500,000 followers): $1000 - $10,000 per video
Macro influencers (500,000 - 1,000,000 followers): $10000 - $20,000 per video
Mega influencers (1,000,000+ followers): $20,000+ per video

Tik-Tok Influencer Marketing Statistics

TikTok influencers worldwide in 2020 were 106 thousand, up from 16.4 thousand in 2018 and 35.5 thousand in 2019. Source

As per Influencer Marketing Hub, here's a breakdown of the pricing charged by Tik-Tok influencers.

Nano influencers (1000 - 10,000 followers): $800 per post
Micro-influencers (10,000 - 50,000 followers): $1,500 per post
Mid-tier influencers (50,000 - 500,000 followers): $3,000 per post
Macro influencers (500,000 - 1,000,000 followers): $5,000 per post
Mega influencers (1,000,000+ followers): $2500+ per video

Other influencer marketing data points

X.S. influencers (up to 10,000 followers), on average, usually post about 67% more sponsored content than L (up to 1 million followers) and XL (over 1 million followers) on Instagram. Source
Most Gen Z and Millennials, specifically 72%, tend to follow influencers. Source
50% of people say social media is where they most often learn about new products to buy. Source
58% of people check the authenticity and relevancy of influencers before following them. Source
70% of Indian brands check the content quality of influencers while deciding which influencers to collaborate with. Source.
54% of respondents stated that their organizations worked with up to 10 influencers. Source
Influencers are more trusted than celebrities as brand spokespeople by half of Gen Z and millennials. Source

Way Forward

No doubt that brands need to leverage influencer marketing if they want to build trust among their existing and potential customers and generate consistent conversions. As people make decisions based on influencers' recommendations, it's crucial to collaborate with the right influencers to drive higher ROI on your campaigns.

InsightIQ is the companion you want by your side as you take brands to success in the influencer marketing industry.

From intelligently curating a list of possible influencer partners, understanding the quality of engagement, and tracking and assessing a partnership's impact, insightIQ hands you the data so you're not shooting off in the dark with your IM campaigns.

Want to check it out yourself? Book a demo today!