Beauty Industry Trends
VAMP recently put on a Lunch and Learn for COTY and HYLAND to discuss some of the recent trends in the beauty industry, including the rise of Influencer marketing in this space. The beauty industry is blooming and booming with the help of social media. An incredible 57% of beauty and fashion companies now use influencers as part of their marketing strategies, while an additional 21% are also planning to add this strategy to their campaigns in 2017
Since 2002, revenue of the cosmetic industry has had its ups and downs, but as of 2016, is at an all time high, with an annual revenue of 62.46 billion dollars. (Source)
2017 will bring with it new opportunities and that includes even more ways that brands can work with social media creators. If you’re still trying to determine how much to invest in influencer marketing this new year, we’ve compiled a cross-section of the most compelling stats together in one place to help you make the call.
- 70 percent of teenage YouTube subscribers trust influencer opinions over traditional celebrities.
- 51 percent of marketers say that video content produces the best ROI.
- 86 percent of women turn to social networks before making a purchase.
- 32 percent of US influencers who currently work with brands cite Facebook as the best platform, followed by Instagram at 24 percent.
- 71 percent of consumers are more likely to make a purchase based on a social media reference.
- 86 percent of the most-viewed beauty videos on YouTube were made by influencers, compared to 14 percent by beauty brands, themselves. Beauty video views have increased 65 percent year over year.
- 57 percent of beauty and fashion companies use influencers as part of their marketing strategies, while an additional 21 percent are also planning to add this strategy to their campaigns in 2017.
- 11.7 percent of US marketing budgets is devoted to social media, up from 3.5 percent in 2009.
- US digital ad spending will hit $72.09 billion, about 37 percent of total ad spend.
- On average, businesses generate $6.50 for every $1 invested in influencer marketing.
When you’re ready to pick the right influencer, not just any creator will do—make sure it’s your brand soulmate to ensure you get authentic content and a long-term source of influence.