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 is expected to hit $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 the latest data, the influencer marketing spend in the US is forecast to hit $4.14 billion. This marks a 12.2% annual increase and the first time it’s expected to cross the $4 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.

Experts say much of the growth expected in 2022 will stem from the resumption of travel, as the world emerges from the pandemic. It’s a sector that has traditionally made heavy investments in influencer marketing.

Around half of the influencer marketing spend this year is expected to be on Instagram, one of the top platforms for influencer marketing. Significant expenditure is also expected on other social media sites, such as YouTube and Facebook.

The expected growth in 2022, while substantial, marks a slowdown from the previous year. In 2021, influencer marketing spend by US brands grew 33.6%, to $3.69 billion. This was also the biggest year-over-year increase between 2019 and 2023. 

The 2021 growth rebound came after a much slower growth rate of 14.4% in 2020. Analysts attribute this to the COVID-19 pandemic, which prompted businesses to lower their marketing budgets. Some even stopped running influencer marketing campaigns entirely. 

Looking forward, influencer marketing spend is forecast to increase 11.5% next year, to reach $3.62 billion—the slowest growth rate in at least five 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—58.5% of 2022’s expected spend. A year later, it increased to $2.76 billion. From 2019 to 2023, the total influencer marketing spend in the US is set to almost double, increasing at an average annual growth rate of 19.6%.

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