Global influencer marketing spend climbed 21.5% in 2022 to $29 billion, according to a new report from market research firm PQ Media. The firm projects influencer marketing investment to soar an additional 17% to $34 billion by the end of 2023 as a growing number of brands and marketers look to leverage creator partnerships. 

The vast majority of the influencer marketing industry’s 2022 growth—roughly 76%—took place in the U.S., and was primarily driven by marketers’ investments in sponsored social media content from both micro- and macro-influencers. Though creators are typically sorted into these labels based on the size of their online followings, PQ Media’s report instead defines “macro-influencer” as a creator whose content revolves around an entire category, such as fashion, and “micro-influencer” as one who specializes in a specific niche within a category, such as footwear.

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Marketers invested over $5.3 billion into macro-influencers and another $4.4 billion into brand ambassadors, whom PQ Media classifies as “offline” influencers who promote a brand to friends and family members and in product reviews. In 2022 alone, marketing spend on micro-influencer partnerships soared more than 30% as brands and marketers look to tap into their audiences for less than it would cost to work with a high-profile influencer. 

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In comparison to the 21.5% boost in influencer marketing investment in 2022, global spending on overall advertising and marketing each grew roughly 10%, according to PQ Media data.

Perhaps unsurprisingly, the majority of influencer marketing spend in 2022 went toward creators and brand ambassadors themselves. Both “strategic service providers,” including influencer and public relations agencies, and platforms offering influencer marketing-related software and research also surged by between 18% and 26%. Influencer marketing agencies alone saw a 22.5% boost in investment in 2022, per the report. 

Though PQ Media found that much of the growth of the influencer marketing industry is occurring in the U.S., the firm also highlighted eight other countries where creator economy investment increased significantly in 2022. In India, the fastest-growing influencer market in 2022, spending soared 33.6%, while investment in influencer marketing jumped 33.1% in Japan. Spend increased by 22.2% in the U.S. over the last year. 

PQ Media identified several factors contributing to the influencer marketing industry’s exponential growth, including a more comprehensive view of influencer marketing metrics beyond just “influencer-focused data” such as likes, along with influencer marketing being incorporated into a greater number of omnichannel campaigns. 

“Influencer marketing has become a very effective promotional method for brands to partner with influencers to engage target consumers to achieve their strategic marketing objectives,” said PQ Media CEO and Founder Patrick Quinn in a press release. “If executed well, influencer marketing is a valuable component of omnichannel campaigns because it helps brands improve their social media reputations with high-quality content and to grow sales.”