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
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. Forty-three percent of businesses are expected to spend less than $10,000 on influencer marketing this year. This is higher than the 37% registered last year, which analysts say may be a result of more companies giving influencer marketing a try for the first time.
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Twenty-two percent of brands say their influencer marketing spend this year will be between $10,000 and $50,000. In other words, nearly three out of every five businesses collaborating with influencers are expected to spend a maximum of $50,000 this year on influencer marketing.
Fourteen percent of businesses are expected to spend between $50,000 and $100,000 on influencer marketing this year. This number falls to 10% for influencer marketing spends of between $100,000 and half a million. Eleven percent of brands will be spending upward of $500,000 on influencer marketing this year, nearly triple that of last year.
Influencer marketing spend budget
The research also shows the majority (82%) of businesses plan on having a dedicated budget for their influencer marketing efforts in 2023. This is up from 77% in 2022, and 45 percentage points on the 37% in 2017.
Two out of every three (67%) businesses also say they intend to increase their influencer marketing budget this year. 15% say they do not plan to change their budgets, while 11% say they’re undecided. Another 7% plan to reduce their influencer marketing spend.