HypeAuditor Predicts Global Surge in Spending on Instagram
Influencer Marketing

Key Insights from the 2024 State of
Influencer Marketing Report

Rising Investment in
Influencer Marketing

HypeAuditor’s 2024 report unveils a significant surge in anticipated global spending on Instagram influencer marketing. This spending is projected to reach an impressive £15.5 billion, reflecting the growing recognition of influencer marketing as a potent tool for brand promotion and audience engagement. With increasing competition in the digital realm, brands seek effective strategies to captivate audiences and establish authentic connections.

Declining Impact of Fraud

The report unveils a positive trend in the UK, as the percentage of Instagram accounts affected by fraud has decreased by 2% compared to 2023. This marks the third consecutive year of decline, indicating concerted efforts to combat fraudulent practices in influencer marketing. However, despite this progress, the overall number of influencers affected by fraud remains high at 43%, resulting in substantial financial losses for advertisers. Fraudulent methods include purchasing followers, likes, story views, and comments to artificially inflate engagement metrics.

Nano and Niche Influencers’ Strong Impact

Nano influencers, those with a following ranging from 1,000 to 10,000, continue to demonstrate a remarkable connection with their audiences. These creators exhibit high engagement rates, with 2% on Instagram and 10% on TikTok in 2023. Brands seeking strong audience connections and higher engagement should consider collaborating with nano-influencers. Moreover, identifying influencers in less competitive niches presents unique opportunities for brands to connect with targeted audiences.

UK’s Favorite Brands on Instagram and TikTok

The UK ranks as the fifth-largest influencer marketing adopter globally, with 3% of sponsored posts originating from UK influencers. Instagram continues to be a crucial platform for brands in the UK, with 68% of marketing specialists considering it essential for their influencer marketing campaigns. Zara, H&M, and ASOS emerge as the most discussed fashion brands on Instagram in the UK. Conversely, Target, Netflix, and Amazon rank as the most mentioned brands globally on TikTok, reflecting their popularity within the youthful and vibrant TikTok community.

User Demographics in
Influencer Marketing

User demographics play a pivotal role in crafting successful influencer marketing strategies. In the UK, approximately 46% of Instagram users fall within the 25-34 age bracket, showing a marginal 1% decrease from the previous year. TikTok’s user demographic skews younger, with a staggering 65% of global users under 24 and only 2% aged 45-54. YouTube remains an engaging platform, with a gender imbalance favoring male users (60%) over female viewers (40%).

Conclusion

The HypeAuditor report underscores the growing significance of influencer marketing as a key component of brand marketing strategies. The decline in fraud and the strong impact of nano and niche influencers underscore the potential for brands to achieve successful outcomes through authentic and targeted campaigns. As influencer marketing continues to evolve, marketers must remain vigilant in addressing fraud and leveraging data-driven insights to optimize their strategies and maximize their return on investment.