What's the State of Influencer Marketing in 2024?
Discover how 380+ senior managers and directors operate influencer marketing campaigns, from their chosen strategies to their most troubling pain points.
A Deep Dive into Budgets, Organisational Structures, and Future Trends - A Comparative Study of Europe’s Leading Markets
Keeping up with the rapid changes in the influencer marketing (IM) industry is hard. But with our exclusive report, you can get a complete picture of European influencer campaigns. Glean insights into the IM strategies of 380+ senior marketers from the UK, Spain, Italy, France, and Germany. They span various sectors, from mass-market goods to the luxury market.
The report separates data by country, guaranteeing you can quickly learn how UK brands are managing the complexities of IM.
It's packed with useful insights into the 2024/2025 market, including:
- Types of collaborations: Learn the types of influencers brands choose and whether they stick with creators long term. You'll also discover which influencer qualities are most sought after. Is it follower count, content style, or authenticity?
- Types of campaigns: Uncover the most popular campaign types and which platforms deliver the best results. Also, learn about marketers' IM goals and challenges.
- Budgets: Get insider info on how brands spent their IM budgets, plus how much they invest in campaigns.
- IM ethics. Explore stances on influencer compliance, contracts, and the ethical standards necessary for partnerships.
- Future plans: Learn brands' emerging strategies, including whether they're increasing their budget or the number of influencers they collab with. And we glimpse the future as brands make their IM predictions for 2025.
- IM ethics. Explore stances on influencer com Brands also take out their marketing crystal ball to make key predictions for the IM field in 2025.
The Kolsquare Benchmark Report is a must-have if you're looking to stay ahead in the IM game.
Must-Know Metrics
The report is bursting with data about how brands work with influencers–also known as key opinion leaders (KOLs). So, let's reveal some of the data!
We've included data from across all the European brands surveyed as well as UK-specific results. Here's a quick snapshot of our discoveries about brands' campaign preferences:
- 81% of UK brands work with micro-influencers. They're the preferred type of influencer.
- 89% of European brands use Instagram, and 64% use TikTok. These are the most popular social media platforms.
- Across Europe, 33% of brands worked with 11-49 KOLs in the last 12 months. 31% collaborated with just 1-10, and 17% worked with 50-99 KOLs.
- 46% of UK brands expect to collab with 10-19% more influencers over the next year.
- 56% of European brands use sponsored posts, while only 16% leverage influencer takeovers.
The following are insights from our report about IM spending:
- On average, UK companies spent £849K on IM in the last year, far below the European average.
- 51% of European brands plan to increase their IM budgets next year.
Here are a few of the survey's findings concerning IM ethics:
- On average, 27% of European brands believe it's important that IM campaigns inspire positive change. In the UK, it's just 6%.
- Selecting influencers from diverse backgrounds is important for 18% of UK brands. That's the highest of any country we surveyed.
- Only 6% of UK companies think it's important for campaigns to raise climate change awareness. The European average is 11%.
- 76% of UK brands ensure that influencers follow IM regulations.
- A significant majority, 63% of brands, formulate contracts orally.
- On average, 66% of European brands think that influencers should commit to complying with corporate ethics/ethical charters. Only 49% of UK brands agree.
The Benchmark Report uncovered that these are brands' pain points and perceptions about IM:
- Accurately measuring campaign ROI/ROA is a pain point for 50% of European brands.
- Influencer’s content style is a key consideration for 50% of brands when picking KOLs. 47% value authenticity.
- 55% of UK brands think companies will become more selective when choosing influencers in the next 12 months.
FAQ
Influencer marketing (IM) is a key marketing channel that allows brands to connect with their target audiences through content creators on social media platforms. It's useful for building hype around a new product, dominating online conversations, building awareness, growing sales, and more!
While content marketing, email marketing, and traditional advertising remain popular, IM offers something unique. That special ingredient is the follower-influencer relationship, which allows companies to connect with their target audiences through trusted figures. IM works similarly to a celebrity partnership but without the giant price tag. These figures promote brands on social media platforms like Instagram, YouTube, Facebook, and TikTok, and brands can leverage them to increase brand awareness, engagement, and conversions.
These valued connections mean that IM thrives on authenticity. But you must choose the right influencer for a campaign to succeed. The first step is understanding why people like following influencers. Research suggests that people tend to follow influencers because of authenticity, consumerism, creative inspiration, and envy.
As a result, tapping into authentic influencers who can sway buying decisions is key. The good news is when that's done right, IM campaigns are super powerful. The bad news is that a poor choice may hinder a campaign or even damage your reputation.
Wondering how that works in practice?
Let's take the example of a beauty brand launching a new product that it wants to promote using IM through YouTube, Instagram, and TikTok videos. The marketers choose Influencer 1 who has 1M followers on Instagram but an engagement rate of only 0.1%. The marketing team picks this influencer with high popularity because it wants the new product to reach a large audience to increase awareness and sales.
The marketing team also chooses Influencer 2 who has 100K followers and a 4% engagement rate. Surprising the brand, Influencer 2 generates more sales of the new product. Let's investigate why Influencer 2 has more sway than Influencer 1.
Influencer 1's low engagement rate means that only 1000 people out of the 1M like or comment on their posts. On the other hand, Influencer 2 has 4000 people engaging with their posts. Therefore, their content influences purchase decisions more effectively.
There may also be other factors at play. For example, Influencer 1 may be using influencer fraud to artificially inflate their follower count. Influencer fraud occurs when content creators buy fake followers, likes, or comments. Alternatively, Influencer 2's content may simply be more authentic to the brand, or their audiences may be better aligned.
This example demonstrates that the follower account alone isn't sufficient data. Each influencer has a different connection with their audience. The particular influencer brands choose is deeply important, and finding the right influencers--those authentic creators capable of persuading their followers--requires data like engagement rates, expected earned media value, previous collaborations, and more!
IM also offers a variety of approaches with different levels of risk and investment, from low-risk affiliate campaigns to involved brand ambassadorships. IM offers brands many different ways of making connections through YouTube, Facebook, TikTok, Instagram, and other social media channels.
Our benchmark report analysed the current state of influencer marketing by surveying 380+ senior marketers and directors. It found that many brands are growing their influencer marketing in 2025. In addition, influencer marketing is maturing. Once a wild teenager evading rules and regulations. IM now stands in adult form, increasingly regulated and offering a great deal to businesses.
The regulatory bodies, such as the ASA in the UK, are keen to stamp out influencer fraud and unmarked ads to protect brands and consumers. The Kolsquare 2024 report suggests that brands now believe that self-policing among creators may also force non-compliant influencers into step.
However, brands need to remain aware of influencer fraud, which is the buying of fake followers, likes, and comments on social media platforms like YouTube and Instagram. Tools like The Kolsquare Credibility Score help brands evade influencer fraud and maintain transparency in IM. The rating tells brands how likely it is that an influencer's followers are fake or inactive, ensuring content collaborations are with genuine creators.
As the IM industry matures, spending and campaigns also change. There is a shift towards relying on micro and nano-influencers rather than mega or celebrity creators.
Overall, IM is growing among our respondents. Over half of those from the UK plan to increase the number of influencers they work with, and many want to increase their budgets in 2025.
The state of influencer marketing looks positive. The global industry is currently worth 24 billion dollars, and it's projected to increase in 2025.
Facebook and Instagram's parent company, Meta, had their stock reach an all-time high in 2024. Our report backs this popularity, finding that just over half of companies are increasing the number of influencers they work with and their budgets.
Influencer marketing remains highly effective in 2024, but brands can no longer rely on basic campaigns to gain traction. Brands must recognise that targeted and considered influencer marketing campaigns will outperform those that overfocus on superficial metrics like follower counts and reach.
The particular influencers that brands choose matter. Brands need to conduct deep research into the influencer's content, their audiences on different social media platforms, and other relevant data. New tactics like working with influencers in different niches yet similar content styles are also emerging. For example, a beauty brand may work with an Instagram artist to gain visibility with a new audience.
Brands are increasing their investments in content marketing, dedicating significant portions of their budgets to influencer-driven content creation. However, marketers must be vigilant, as influencer fraud remains a challenge, with fake followers and bots undermining the effectiveness of campaigns. Successful influencer campaigns today rely on forming genuine brand-creator partnerships that go beyond one-off collaborations.
Instagram continues to dominate, with Instagram Reels driving engagement and the majority of Instagram users interacting with influencer content. Despite Instagram's domination, YouTube, Facebook, and TikTok remain key players. Many brands hoping to connect with Gen Z through IM still opt for TikTok due to its young demographics. Brands seeking broader reach often adopt multi-platform strategies, incorporating Instagram, Facebook, TikTok, and YouTube into their campaigns simultaneously to maximise engagement.
While IM still influences purchase decisions, the content must be strategic and authentic. Half of marketers now prefer working with smaller creators who foster genuine connections with their followers, rather than relying on traditional celebrity influencers.
The growth in the creator economy means influencers have greater capabilities and tools at their disposal, enabling them to produce more professional content. In 2024, influencer marketing remains an effective way for brands to engage their audience.
IM is no longer a little-known channel that's so novel that even average campaigns get results. As beauty tech brand CurrentBody put it when speaking with Kolsquare, “Influencer marketing in the UK is not as easy as it was five years ago. You can easily waste a lot of time and money”
Brands must be more aware than ever. They need to be aware of the current social dynamic, the types of content they produce, and the messages they send.
Authenticity is key, whether the campaign is on Instagram or YouTube. That means working with influencers long-term, ensuring collaborations make sense, and choosing influencers who genuinely connect with your brand.
On the other hand, YouTube, TikTok, and Instagram are launching advanced AI features for users. As a result, a new competitor is arising for human influencers: the virtual influencer. Once AI or virtual influencers take hold, the market could change significantly. It's difficult to say whether these figures will gain popularity, but our AI report (download it here) shows that some AI creators already maintain huge audiences.
The increased competition may also push creators towards influencer fraud. While many creators wouldn't go to these lengths, brands must remain vigilant.
Content is also changing. Trends move hyper-fast now that there are so many influencers, and a meme can feel old after just a few weeks. Advertisers must heed these changes to avoid looking out of touch.
What remains the same is that people value authenticity in influencers. As social media matures, people find more and more specific niches to match their interests. People want to feel connected to a particular influencer and be part of a community, which is why smaller creators like micro and nano-influencers are often chosen for collaborations. These creators have closer relationships with their audiences, making them more likely to influence purchase decisions and impact sales. But our study shows, 66% of decision makers do not think influencer saturation is a problem and only 20% think influencers will lose impact.
The global IM market size has more than tripled since 2019. In 2024, the global IM spend is expected to exceed $24 billion. Brands of all sizes are pouring resources into content marketing, with over 60% of UK marketers in our report expecting to increase their budgets for influencer campaigns this year.
IM's popularity continues to rise, despite lowering engagement rates on many platforms. Short-form videos are generally more engaging, with TikTok videos, Instagram Reels, and YouTube remaining some of the most popular channels.
Overall, Instagram remains the top platform for IM. A large portion of Instagram users regularly engage with influencer content, making it indispensable for brands, especially those in the fashion and beauty sectors. YouTube and TikTok follow closely behind, all benefiting from the rise of short-form content like Instagram Reels and TikTok videos.
Nano-influencers have gained traction, with many brands now choosing smaller influencers who have more authentic, engaged audiences.
However, concerns over influencer fraud persist, but only 32% of brands believe unethical influencers will get removed or pushed out of the industry. On a positive note, many UK brands now comply with regulatory standards, leading the way in promoting transparency and ethical practices in the influencer space.
Overall, the influencer marketing industry is maturing, with brands increasingly focusing on long-term brand-creator partnerships, investing more in IM, and expanding their reach across key social media platforms such as Instagram, Facebook, and YouTube.
Success in influencer marketing is measured through a combination of key performance indicators (KPIs), these include:
- engagement rates
- reach and impressions
- conversions
- ROI
- click-through rates
- sales/conversions
- audience growth
- earned media value
Match the KPIs you measure to your campaign goals to understand whether you hit your targets.
Influencer marketing research for 2024 shows a maturing industry. For a full picture of influencer marketing 2024/2025, download our benchmark report above!
Global influencer marketing spending sits at around $24 billion in 2024, up $3 billion in the last year. Statista also predicts that UK spending alone will reach £1.4 billion by 2029.
Your ROI and success will depend on how you run your IM campaigns. However, influencer marketing continues to deliver a high average ROI.
51% of marketers report that influencer marketing helps them acquire better-quality customers who spend more over time. Influencer marketing also achieves 11x the ROI of banner ads, making it a far more effective strategy for boosting brand awareness and sales.
For the Kolsquare Benchmark Report, we asked senior marketers questions like:
- Approximately how many influencers do you work with annually?
- Do you typically work with the same influencers, or are you always working with new ones?
- Which of the following are important when selecting an influencer to work with?
- When evaluating an influencer marketing campaign on its performance against which of these KPIs are important to you?
- What are the key pain points when running influencer marketing campaigns today?
Download the Benchmark Report to discover the answers!
The influencer marketing spend in Europe is more than 1 billion euros. The influencer marketing market in Europe is poised for significant growth between 2023 and 2025. In 2024, the European influencer marketing platform market is projected to reach a size of USD 4,143.75 million, accounting for over 30% of the global market share. This growth is driven by increasing social media usage, demand for authentic content, and the rise of influencer collaborations among brands. The market is expected to grow at an impressive compound annual growth rate (CAGR) of 36.5% from 2024 to 2031.
2019: In 2019, security company Cheq estimated that a shocking $1.3 billion was wasted due to influencer fraud. Brands became more cautious due to the rise of fake followers, bots, and inflated engagement rates. Although social media had been around for over a decade at this point, many platforms still lacked regulations.
2020-2023: In response to the lawlessness of the 2010s, the industry saw a shift towards greater transparency and accountability. Platforms like Instagram and YouTube started cracking down on fraudulent accounts, while brands began using influencer marketing platforms equipped with AI-driven tools to detect unusual engagement patterns and fake followers.
2024-2025: By 2024, the focus shifted to comprehensive influencer credibility checks, including deeper analysis of audience demographics, engagement authenticity, and historical data. Tools like Kolsquare's Credibility Score are an essential metric for assessing influencers. Influencer platforms now use more sophisticated algorithms to assess the likelihood of fraud, leading to a decrease in fraudulent activities. However, new forms of influencer fraud, such as using comment pods (groups of influencers artificially boosting each other’s engagement) and even AI-generated influencers, have emerged, keeping brands vigilant. In fact, Influencer Marketing Hub found that 71% of brands still worry about influencer fraud in 2024.
Key strategies for avoiding influencer fraud:
- Greater Focus on Micro and Nano-Influencers: Due to higher authenticity and engagement rates, brands have turned to micro- and nano-influencers, who have smaller but more engaged audiences.
- Use of AI and Data Analytics: Advanced AI tools like Kolsquare's Credibility Score now help brands spot anomalies in influencer data, reducing the chances of working with fraudulent influencers. virtual influencers
- Influencer Vetting and Transparency: Brands are implementing more rigorous vetting processes, including manual reviews and partnerships with platforms that provide transparency reports and influencer credibility scores.
- Introduction of Regulations and Certifications: Markets like the UK and EU have introduced new regulations and guidelines to enforce ethical influencer practices and ensure responsible partnerships.
- Low-risk campaigns: Some brands prefer low-risk models like affiliate marketing.
Overall, influencer fraud has significantly impacted the industry, pushing it towards greater professionalism and integrity. Brands are now more cautious, relying on robust vetting tools and prioritizing transparency in influencer partnerships. This evolution has shaped influencer marketing into a more data-driven, reliable, and impactful strategy for brand growth.
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