Spends on influencer marketing to rise to $2.8 - 3.5 billion in 2028: Redseer report

Brands’ spends on influencer marketing will grow from $0.35 - 0.40 billion in 2023 to $2.8 - 3.5 billion in 2028, according to the Redseer Strategy Consultants’ latest report on digital advertising.

The report stated that influencers, as digital stars with niche audiences, offer a cost-effective alternative to branding and performance advertising.

“Influencers can be leveraged for shoppertainment that blends relatable content with promotional messaging to drive effective content-triggered shopping experiences,” stated the report.

According to the report, currently, there are 0.5-0.6 million macro and mega influencers, each with more than 100K followers, operating in India.

Legacy brands are also collaborating with influencers for micro-targeting and efficiently reaching their cohort-specific audiences.

The report further mentioned that influencers are also highly effective in generating customised leads by offering exclusive deals and discounts to their followers, which often results in direct conversions. This approach not only minimises customer acquisition costs but also enhances brand engagement and loyalty.