How Much Do Brands Spend on Influencer Marketing?
Over the past few years, the global influencer marketing market size has been growing year after year, as more companies invest in the strategy and others ramp up their investment.
This comes as no surprise, as the latest influencer marketing statistics show that nine out of 10 marketers consider it to be an effective marketing tactic. As many as 71% of them also plan to increase their influencer marketing budget.
So, just how much do brands spend on influencer marketing these days?
Influencer marketing spend by amount spent
|
Expected expenditure in 2024 |
Percentage of brands that plan to spend the following amount on influencer marketing |
|---|---|
|
Less than $10k |
47.4% |
|
$10k to $50k |
20.9% |
|
$50k to $100k |
8.9% |
|
$100k to $500k |
8.3% |
|
More than $500k |
14.5% |
The soaring popularity of influencer marketing in recent years has resulted in brands of all shapes and sizes engaging with the strategy. Since they all have different financial capabilities and budgets, there’s a rather huge difference in their influencer marketing spending.
According to recent data on influencer marketing spend, most brands keep their expenditure on the lower end. Nearly half (47.4%) of businesses are expected to spend less than $10,000 on influencer marketing this year. This is higher than the 43% registered last year.
Meanwhile, 20.9% of brands say their influencer marketing spend this year will be between $10,000 and $50,000. In other words, more than one out of every five businesses collaborating with influencers are expected to spend a maximum of $50,000 this year on influencer marketing.
Just under 9% of businesses are expected to spend between $50,000 and $100,000 on influencer marketing this year. This number falls to 8.3% for influencer marketing spends of between $100,000 and half a million. 14.5% of brands will be spending upward of $500,000 on influencer marketing this year, 3.5 percentage points higher than last year’s figure.
Influencer marketing spend budget
The research also shows a large majority (85.8%) of businesses plan on having a dedicated budget for their influencer marketing efforts in 2024. This is up from 82% in 2023, and more than double the 37% who planned on allocating a budget to influencer marketing in 2017.
Three out of every five (59.4%) businesses also say they intend to increase their influencer marketing budget this year. 22.1% say they do not plan to change their budgets, while 9.3% say they’re undecided. Another 9.3% plan to reduce their influencer marketing spend.