Coresight Research tracks global influencer marketing as rapidly growing, achieving a 49.5% compounded annual growth rate from 2016 to 2022, bringing its total market size to an estimated $16.4 billion in 2022. With traditional banner advertising impacted by widespread ad blocker use, beauty brands are seeking new marketing methods, a trend the research firm says will support the growth of influencer marketing over the next few years.
“While influencers are indeed an essential part of the marketing mix, trust, authenticity, and knowledge are consumers’ top priorities — and effective influencers must have these qualities,” Marie Driscoll, Managing Director, Luxury & Retail, at Coresight Research, Inc. “Celebrities and other key opinion leaders (KOLs) are also a part of the fabric of the global beauty industry, traditionally as brand ambassadors, so much so that consumers are wary of their endorsements. One answer has been for influencers, celebrities, and KOLs to launch their own beauty lines, capitalizing on their influence instead of endorsing others. But with the beauty industry becoming increasingly reliant on science and biotechnology, it will be a wait-and-see whether these brands sink or swim.”
In this Coresight Research Report, brought to you in partnership with CEW, the evolving role of influencers, celebrities, and KOLs in beauty marketing is examined. The report looks into the following:
- Where influencers, KOLs, and celebrities rank in the marketing of brands, and what each needs to gain consumer trust. Plus, how the role of influencers will evolve as companies adopt more emerging technologies, such as shopping livestreams and the metaverse.
- A deep dive into TikTok as short-form videos address consumers’ short attention spans and demand for authentic user content and professionally developed media. And the role that nano- and micro-influencers play in capturing an audience, given the platform’s low barrier to entry.
- A look into the implications for brands and retailers due to influencer status and how they need to differentiate their strategies authentically to gain consumer loyalty and trust.
To learn all about the latest in influencer marketing, access the Coresight x CEW “Is Influencer Marketing Still Effective in the Global Beauty Market” report.
