Key regions: Australia, Germany, France, Europe, United States
The Influencer Advertising market in North America is experiencing significant growth due to changing customer preferences and the rise of social media platforms.
Customer preferences: Customers in North America are increasingly turning to social media platforms for entertainment, information, and product recommendations. Influencers, who have a large following on these platforms, have become trusted sources of information and recommendations for their followers. Customers are more likely to trust recommendations from influencers they follow, rather than traditional advertising methods. As a result, brands are capitalizing on this trend by partnering with influencers to promote their products or services.
Trends in the market: One of the key trends in the Influencer Advertising market in North America is the shift towards micro-influencers. Micro-influencers are individuals with a smaller but highly engaged following on social media platforms. They are often seen as more relatable and authentic compared to celebrities or macro-influencers. Brands are increasingly collaborating with micro-influencers to reach niche audiences and drive higher engagement and conversion rates. Another trend in the market is the use of video content. With the popularity of platforms like YouTube and TikTok, video content has become a powerful tool for influencer advertising. Brands are partnering with influencers to create engaging and entertaining video content that showcases their products or services. Video content allows influencers to demonstrate the benefits and features of a product in a more immersive and engaging way, leading to higher brand awareness and customer engagement.
Local special circumstances: North America has a highly developed social media landscape, with a large number of active users on platforms like Instagram, YouTube, and TikTok. This provides a fertile ground for influencer advertising, as brands have access to a wide audience base. Additionally, North America has a culture of celebrity endorsements, which has seamlessly transitioned into influencer marketing. Influencers are seen as modern-day celebrities, and their endorsements carry significant weight with their followers.
Underlying macroeconomic factors: The rise of the digital economy and the increasing penetration of smartphones and internet access have fueled the growth of the Influencer Advertising market in North America. The accessibility of social media platforms has allowed influencers to reach a global audience, making it easier for brands to collaborate with influencers from different regions. Additionally, the COVID-19 pandemic has accelerated the shift towards online shopping and digital marketing, further driving the demand for influencer advertising. In conclusion, the Influencer Advertising market in North America is thriving due to changing customer preferences, the rise of social media platforms, and the accessibility of influencer marketing. The shift towards micro-influencers and the use of video content are key trends in the market. North America's developed social media landscape and culture of celebrity endorsements contribute to the growth of the market. The rise of the digital economy and the impact of the COVID-19 pandemic are underlying macroeconomic factors that have further fueled the growth of the market.
Data coverage:
Data encompasses enterprises (B2B). Figures are based on influencer advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers advertising fees paid directly to influencers to post sponsored content.Modeling approach:
Market size is determined by a combined top-down and bottom-up approach. We use market data from independent databases, influencer marketing platforms, and third-party reports to analyze and estimate global influencer advertising spending. We start by researching on the average cost per content post on each social media platform, the number of influencers available on advertising platforms (breakdown by tier: nano, micro, macro, and mega), and the average number of posts per year. Then we estimate the market size for each country individually. We use relevant key market indicators and data from country-specific industry associations, such as GDP, social media users, and digital consumer spending. Lastly, we benchmark key countries or regions (global, United States, China, etc.) with external sources.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.Additional notes:
Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.
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