Despite a shaky economy, investment in influencer marketing continues to rise, according to a recent report by Advertiser Perceptions.
Fifty-three percent of advertisers surveyed said they plan to increase influencer investment in 2023, according to the survey conducted in November about the state of the creator economy. Brands plan to shift dollars from legacy media like print and TV to social, the survey found.
Advertisers cite connection with young audiences and strong content engagement as the top reasons influencer marketing has become such an attractive channel.
Last year 12% of digital ad budgets were spent on influencer marketing, according to the survey of 207 marketers and 125 influencers.
“The expense of linear TV and multiple streaming subscriptions is driving more young audiences into free creator-generated video content on social and video platforms,” a surveyed marketer said.