The Indian influencer market has seen an explosion in the past two years with potential customers reportedly making their decisions based on recommendations by influencers across segments, geographies and income classes.
A recent survey conducted by digital marketing agency iCubesWire showed that 34 per cent of respondents bought products or services after watching influencers’ posts, reels and videos on popular social media platforms including Instagram, YouTube, Facebook and Twitter.
In addition, 43 per cent of respondents at least check out products or services recommended by influencers, the report added.
The survey was conducted among 1,455 respondents across India in December.
“Traditional marketing techniques are being rapidly replaced by modern offerings such as reels, blogs, vlogs, and live streaming via digital media platforms. Influencer marketing has definitely changed the way people think about modern marketing and is now a mainstay for all brands across industries, especially consumer-centric products and services,” said Sahil Chopra, chief executive officer (CEO), iCubesWire.
Influencer marketing is reportedly most popular on Instagram, which was followed by 40 per cent of survey respondents. This was followed by YouTube influencers at 34 per cent.
In 2022, India had about 80 million content creators, including video streamers, influencers, bloggers, and essentially anyone building a community around their niche, Kalaari Capital report stated. The influencer marketing industry in India was reportedly valued at over Rs 12 billion. It was projected to grow at a compound annual growth rate (CAGR) of 25 per cent over the next five years.