Spending on Instagram influencer marketing to reach £15.5 billion in 2024

Category: Social Media
Spending on Instagram influencer marketing to reach £15.5 billion in 2024

HypeAuditor are predicting that global spending on Instagram influencer marketing will reach a whopping £15.5 billion in 2024, according to their fifth annual “State of Influencer Marketing” 2024 report

Fighting fraud 

In comparison to 2023, the average percentage of Instagram accounts impacted by fraud has decreased by a further 2% in the UK, making this the third consecutive year that this figure has decreased.  

Despite this positive trend, the overall number of influencers impacted remains high (43%), which cost advertisers millions each year. According to the report, some of the most popular fraudulent methods used on Instagram include buying followers, likes, story views and comments, which in turn skewed engagement. Content creators most impacted are mega and celebrity influencers with over 1 million followers. 

Nano and niche Influencers 

Over half (79%) of all Instagram creators in the UK are nano influencers. Nano influencers (with 1000 to 10,000 subscribers) have retained their spot as having the strongest connection with their audience since 2022. In 2023, these content creators proved to be the most popular, with an Engagement Rate (ER) of 2% on Instagram and of 10% on TikTok. Brands aiming for strong audience connections and higher engagement will find value in collaborating with nano-influencers and identifying influencers in less competitive niches for unique opportunities. 

As a whole, most Instagram influencers produce content related to Music (11%) and Lifestyle (10%) Beauty (8%) and Art (8%), while less competitive niches are Fitness & Gym (3%), comedy/humour (3%) and Literature & Journalism (2%). 

The UK’s favourite brands – earning most mentions on Instagram and TikTok  

The 2024 report reveals that the UK ranked fifth in terms of influencer marketing adoption, with 3% of sponsored posts made by UK influencers. The US ranked first (27%) followed by Brazil (15%), India (7%) and Indonesia (4%). Instagram remains crucial for brands in this market, with a recent report stating that 68% of marketing specialists consider the platform to be important for their influencer marketing campaigns due to its large and active user base (over 2 billion monthly active users in the UK).  

The most talked about fashion brands on Instagram, in the UK, include Zara with 14,000 mentions, followed by H&M (11,200 mentions) and ASOS (8,600 mentions). On TikTok, the three most discussed brands globally are Target with 37,500 mentions, Netflix (29,400 mentions) and Amazon (28,200 mentions), reaffirming the enduring popularity of these brands within the dynamic TikTok community.

User demographics 

In influencer marketing, user demographic data is crucial for crafting a successful strategy. HypeAuditor has determined that approximately 46% of Instagram users in the UK fall within the 25 to 34 age bracket, which sustained a marginal 1% decrease from the previous year. In comparison, two-thirds of global TikTok users (65%) are under the age of 24 with 38% between 18 and 24, and 45-54-year-old users accounting for less than 2%.  

Influencer marketing is increasingly being recognised for its value as an essential part of brand marketing. The steady decline in the percentage of influencers impacted by fraud is no stranger to this. Thanks to greater awareness among content creators and steps taken by social media platforms to mitigate this phenomenon, marketers can feel more confident about the success of their influencer marketing strategies. However, despite this good news, marketers need to continue to be vigilant of the impact of fraud, particularly when partnering with mega and celebrity influencers.

– Alexander Frolov, CEO and Co-Founder, HypeAuditor

In addition, YouTube also remains one of the most engaging platforms, and is one of the few platforms where male users (60%) outnumber female viewers (40%). This gender imbalance is most pronounced in the 25-34 age category: 22% male users and 11% female users. This is likely due to the popularity of video game influencers, who make up one of the top three most popular categories of YouTube influencers in the UK, followed by People & Blogs and Entertainment.  

To get a full picture of the state of influencer marketing according to HypeAuditor and access more thorough data analysis and methodology on all the above, you can find the “State of Influencer Marketing 2024” report for the UK here.

RELATED POSTS..

Meta to allow EU users to uncouple Facebook, Instagram & Messenger accounts

Meta to allow EU users to uncouple Facebook, Instagram & Messenger accounts

Coming soon - Scale your business comms with Meta AIs

Coming soon – Scale your business comms with Meta AIs

Meta Verified for Businesses launch

Meta Verified for Businesses launch

July August Social Commerce Update

August Social Commerce Update

Instagram Subscriptions offer PayWall content income to creators

Instagram Subscriptions offer PayWall content income to creators

ChannelX Guide...

Featured in this article from the ChannelX Guide – companies that can help you grow and manage your business.

Latest

Take a look through a selection of the latest articles on ChannelX

Register for Newsletter

Receive 5 newsletters per week

Gain access to all research

Be notified of upcoming events and webinars