A recent report by EY and Collective Artists Network’s Big Bang Social sheds light on the burgeoning trends within India’s influencer marketing landscape, predicting substantial growth in the coming years. Titled ‘The State Of Influencer Marketing in India’, the report underscores the sector’s robust potential, with projections indicating a remarkable ascent.
According to the findings, the Indian influencer market is poised to witness a 25% growth in 2024, reaching INR 2,344 crore, followed by another 25% surge to INR 3,375 crore by 2026. These figures underscore the industry’s rapid expansion and present a plethora of opportunities for marketers, influencers, and brands alike to collaborate and capitalize on the growing trend of influencer-driven marketing strategies.
One notable insight from the report emphasizes the pivotal role of social media, which accounts for half of all mobile usage. As India’s smartphone penetration continues to soar, with an estimated 740 million cellphones in use, marketers are urged to integrate influencer marketing into their communication strategies to effectively engage with consumers in the digital realm.
Amiya Swarup, Partner, Marketing Advisory, EY India, reflects on the evolving societal landscape, where influencers emerge as contemporary heroes guiding individuals through societal shifts. Swarup highlights the significant impact influencers wield in shaping consumer perceptions and unlocking new avenues for brands to connect with their target audience.
The report identifies lifestyle, fashion, and beauty sectors as primary drivers of influencer marketing growth. Furthermore, industries such as automotive, e-commerce, and fast-moving consumer goods are expected to witness a surge in influencer marketing spending, underscoring the diverse applications of influencer-led campaigns across various sectors.
Vijay Subramaniam, Group CEO and Founder of Collective Artists Network, commends brands for recognizing the potential of the creator economy and increasing investments in influencer marketing initiatives. He emphasizes the invaluable role of research in guiding companies towards effective consumer engagement strategies and long-term success in the dynamic realm of influencer marketing.
As the influencer marketing landscape continues to evolve, fueled by technological advancements and shifting consumer preferences, the insights gleaned from this report serve as a valuable resource for businesses seeking to navigate the ever-changing digital terrain and harness the power of influencer partnerships to drive brand growth and engagement.
