With thenumber of social media usersincreasing year after year, it’s no surprise that influencer marketing has become a part of every brand’ssocial media strategy—So much so that theglobal influencer marketing market sizewas forecast at $16.4 billion in 2022.

But just how much do brands spend on influencer marketing in the US?

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How much do brands spend on influencer marketing in the US?

According to thelatest data, the total influencer marketing spend in the US is forecast to hit $6.16 billion in 2023. This marks a 23.4% annual increase and the first time it’s expected to cross the $6 billion mark.

Influencer marketing is defined as cash payments companies make to influencers to have them market their products and/or services on social media networks and/or other platforms. These do not include non-cash benefits like paid trips and complimentary products.

Nearly half (44.6%) of the influencer marketing spend this year is expected to be on Instagram, one of thetop platforms for influencer marketing. Significant expenditure is also expected on othersocial media sites, such as YouTube (17.7%), TikTok (17.1%), and Facebook (13.6%).

The expected growth in 2023, while substantial, marks a slowdown from the previous years. In 2022, influencer marketing spend by US brands grew 27.8%, to $4.99 billion. The year before saw the biggest annual increase between 2019 and 2024, with 34.7%.

In comparison, 2019 and 2020’s growth rates were relatively lower, at 26.4% and 20%, respectively. Analysts attribute this to the COVID-19 pandemic, which prompted businesses to cut back on spending and lower their marketing budgets. Some even stopped runninginfluencer marketing campaignsentirely.

看forward, influencer marketing spend is forecast to increase 15.9% next year, to reach $7.14 billion—the slowest growth rate in at least six years.

To understand how popular influencer marketing has become, we only need to go back a few years. In 2019, influencer marketing spend was $2.42 billion—39.3% of 2023’s expected spend. A year later, it increased to $2.9 billion. From 2019 to 2023, the total influencer marketing spend in the US is set to more than double, increasing at an average annual growth rate of 26.5%.

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