US Influencer Marketing Spend (2017–2028)
With the number of social media users increasing year after year, it’s no surprise that influencer marketing has become a part of every brand’s social media strategy—so much so that the global influencer marketing market size grew to $21.1 billion in 2023.
But just how much do brands spend on influencer marketing in the US?
How much do brands spend on influencer marketing in the US?
According to the latest data, the total influencer marketing spend in the US is forecast to hit $5.6 billion in 2024. This marks a 14.3% annual increase as expenditure inches closer toward half a trillion dollars. It is also 1.9% of the overall digital ad spend in the US.
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.
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Another study shows that more than three-quarters of brands will be carrying out influencer marketing on Instagram, the top platform for influencer marketing. This is followed by Facebook, TikTok, and YouTube.
The expected growth in 2024 marks a slight acceleration from 2023, but a general slowdown compared to the preceding few years. In 2023, influencer marketing spend by US brands grew 14%, to $4.3 billion. Meanwhile, the two years before saw annual increases of 19.4% (in 2022) and 33.3% (in 2021).
US influencer marketing spend forecast
Looking forward, influencer marketing spend is forecast to increase, but at slower rates. For instance, a rise of 10.7% is projected for next year, as expenditure reaches $6.2 billion. In 2026, US brands are set to increase their influencer marketing spend by 9.7%, to $6.8 billion. Annual increases of 10.3% and 8% are predicted for 2027 and 2028, which will take total spend to $7.5 billion and $8.1 billion, respectively.
To understand how popular influencer marketing has become among brands, we only need to go back a few years. In 2017, influencer marketing spend was $1.3 billion—approximately one-quarter of 2024’s expected spend. A year later, it increased to $1.6 billion. From 2017 to 2028, annual influencer marketing spend in the US is set to rise by a total of $6.8 billion. This is a six-fold increase and an average annual growth rate of 18.5%.