India’s surging influencer marketing industry to hit ₹3,375 cr by 2026
₹2,344 crore, this dynamic sector is forecasted to expand even further, soaring to ₹3,375 crore by 2026. According to a report by professional services network EY and Big Bang Social, the creator marketplace owned by talent management agency Collective Artists Network, 56% of the brands have already invested more than 2% on influencer marketing, and 70% of brands plan to keep their influencer marketing budget the same or increase it in 2024, with half planning to increase it by up to 10%.
The report says 71% of brands engage with influencers on a fixed fee model and 29% are exploring performance linked models to drive influencer accountability. It also says 77% of influencers reported income growth in the past two years and 86% of influencers expected over 10% increase in their income over the next two years.
“Coupled with the projected growth in influencer marketing, it's clear that influencers now define an unprecedented era of knowledge and impact, while also unlocking vast opportunities for brands and marketers," Amiya Swarup, partner, marketing advisory, EY India said in a statement. The growth of influencer marketing is anticipated to be driven by lifestyle, fashion, and beauty categories.
Sectors such as automobiles, e-commerce and FMCG are expected to increase spending on influencer marketing the most. “It is heartening to see that brands are recognizing the potential of the creator economy and are increasingly investing in influencer marketing, with sectors like FMCG, automobiles and consumer durables leading the way," Vijay Subramaniam, group CEO and founder, Collective Artists Network said in a statement.
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