(MENAFN - GetNews) According to report published by Grand View Research, the global fashion influencer marketing market size was valued at USD 1.5 billion in 2019. It is expected to expand at a compound annual growth rate (CAGR) of 35.7% from 2020 to 2027.
The global [To enable links contact MENAFN] & utm_medium=referral & utm_campaign=tanuja-k_ict_03-dec-20 & utm_term=fashion-influencer-marketing-market & utm_content=rd 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 market growth. These applications allow users to make shorter and more immersive videos. Short video applications help fashion influencers add special effects to their videos, thus aiding in content creation and guaranteeing higher consumer engagement. In October 2019, TikTok also launched its analytics tool for Pro accounts to offer more detailed insights regarding the performance of the content and audience interaction, allowing fashion influencers to post content that is in sync with their followers' demands.
The rising popularity of influencer incubators offers promising growth opportunities to the industry due to the ability to capture higher engagement rates. Influencer incubators search for key opinion leaders and influencers with high engagement rates and nurture them to produce content coinciding with the brand value of a company. These influencers become a part of the brand, thus helping marketers advertise their products to a familiar and loyal audience. Companies, including Tmall.com, have started leveraging influencer incubator solutions to boost sales for product categories such as cosmetics and apparel, offering market growth prospects.
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.
Developers have also started leveraging Artificial Intelligence (AI) to program virtual influencers, which portray similar content on their feed as fashion influencers. Virtual fashion influencers such as Lil Miquela, Zhi, Margot, and Shudu enable brands and marketers to indulge in more affordable influencer marketing practices and generate more specific, data-driven content. AI helps creators interpret consumer data at various levels and offer specialized content that resonates with audiences the most, thus driving higher engagements. Deploying AI-based content creators also allows brands to enhance creativity and fully-control their marketing campaigns, thus promising higher adoption of virtual fashion influencers.
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Fashion Influencer Marketing Market Report Highlights
- In terms of influencer type, the microinfluencers segment is expected to emerge as the fastest-growing segment over the forecast period. The promising growth prospects of the segment can be attributed to the rising demand of fashion brands for amplifying their reach and establishing strong business relations with the customer
- In terms of fashion type, the jewelry and accessories segment is envisioned to expand at the highest CAGR over the forecast period, due to the rising demand from jewelry brands to track the impact of investment and normalize the trend of wearing jewelry amongst people
- The Asia Pacific region is expected to register the highest CAGR over the forecast period due to the availability of affordable internet and incremental penetration of social media in countries such as India, Vietnam, and China
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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
List of Key Players of the Fashion Influencer Marketing Market
- HYPR Brands
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist - U.S.A.