As per the latest report of Grand View Research, Inc., the Fashion Influencer Marketing Market saw a positive impact of COVID-19 as people were bound to stay at home, their number of hours spent on social media increased. As a result, they spent more time following the influencer’s content on social media that gave an added advantage to brands to promote their products.
The global fashion influencer marketing market size is anticipated to reach USD 17.12 billion by 2027, according to a new report by Grand View Research, Inc. It is anticipated to exhibit a CAGR of 35.7% over the forecast period. The growing popularity of social media applications such as TikTok and Instagram Reels is one of the key factors driving the market growth. Moreover, the rising popularity of influencer incubators offers promising growth opportunities to the industry due to the ability to capture higher engagement rates. Furthermore, the integration of e-commerce with social media is also expected to work well for the growth of the market. This can be attributed to digital payment features on social media platforms and their transition to ‘retailtainment’ sites. Live-streaming platforms such as Taobao Live and Little Red Book in China have started utilizing social media, live-streaming, and video capabilities to encourage users to interact, comment, and engage more effectively. Such developments are also expected to enable fashion influencers to effectively advertise their products and brands to foster meaningful relations with their followers.
Additionally, low internet charges in countries such as India, Italy, Poland, and France encourage people to utilize data services, subsequently resulting in higher social media proliferation. High penetration and usage of social media platforms, such as Facebook and Instagram, among millennials and the need to adapt to fast fashion are encouraging fashion brands to invest more in influencer marketing practices. Besides this, Social Search Engine (SSE) and Social Search Optimization (SSO) also offer promising growth opportunities to the industry. High use of social media platforms such as Facebook, Twitter, and Instagram in countries such as the U.S., the U.K., India, and platforms such as WeChat and Red Book App in China have acted as catalysts building the presence of several brands on digital media. SSE and SSO help optimize content on social media platforms by filtering content such as page descriptions, articles, and photos, which improves organic search results and offers precise buying options to users.
Browse full report with Table of Content @ https://www.grandviewresearch.com/industry-analysis/fashion-influencer-marketing-market
Fashion Influencer Marketing Market Report Highlights
• The growing use of social media platforms globally is adding to the incremental benefits of influencer marketing for fashion brands. This factor is projected to further fuel the expansion of the market in near future.
• The nanoinfluencers segment captured a revenue share of over 39% in 2019. This can be attributed to a higher engagement rate and the ability to interact with niche audiences, thus offering brands a better chance of penetrating the market more effectively.
• The beauty and cosmetics segment dominated the market in 2019, with a revenue share of over 38%. This can be attributed to the rising focus of beauty and cosmetics companies on using social media platforms to generate a positive brand image and expand sales.
• North America dominated the market for fashion influencer marketing in 2019 with a revenue share of over 35%. This can be attributed to the high usage of social media and high-speed internet in the region.
• During COVID-19, influencers and brands shifted their focus from product-centric marketing to brand value-centric marketing. Moreover, transaction-based marketing was substituted by relationship-based marketing. Also, brands loosen their control over the content and gave leeway to the influencers while promoting the product.
• Service providers in the fashion influencer industry have started offering AI-enabled search engines that provide detailed insights about the influencer and help brands decide their choice of the influencer. For instance, InfluencerDB and Upfluence Inc. offer AI-enabled analytics services, allowing companies to compare campaigns and influencer performance more efficiently.
Fashion Influencer Marketing Market Segmentation
Grand View Research has segmented the global fashion influencer marketing market based on influencer type, fashion type, and region:
Fashion Influencer Marketing Influencer Type Outlook (Revenue, USD Million, 2016 – 2027)
Fashion Influencer Marketing Fashion Type Outlook (Revenue, USD Million, 2016 – 2027)
• Beauty & Cosmetics
• Jewelry & Accessories
Fashion Influencer Marketing Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
List of Key Players of Fashion Influencer Marketing Market
• HYPR Brands
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About Grand View Research
Grand View Research is an Indian & U.S.-based market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company’s rich database includes in-depth analysis across a range of industries including chemicals, materials, energy, healthcare, and technology, among others.
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