As the older generations pass the baton to the younger generations, we are seeing a shift in how consumers make buying decisions. One potential result of this trend is that influencers could become more influential, as around 47% of Gen Z trust them for making purchasing decisions, according to a survey by Digital Information World for the months of April to June 2022.
In contrast, Baby Boomers polled during this same period are far less likely to trust influencers, with only 9% of them following influencer accounts. More baby boomers (55%) tend to follow retail social media accounts, with only 35% of Gen Z.
The most followed category of social media accounts is that of brands. About 52% of Gen Z, 59% of Millennials, 51% of Gen X, and 39% of Baby Boomers said they followed accounts belonging to brands.
On the other hand, about 41% of Millennials said that they followed influencers, while an equal number of Gen Xers stated the same.
The influencer market is expected to reach about $5 billion this 2022, which represents a 27.8% increase from the $3.9 billion the year before. Current predictions estimate a double-digit annual growth over the next two years.
Developing relationships with younger buyers is essential to continue driving growth in sales and revenues, something that marketing professionals should keep in mind. If the predictions hold out, influencer marketing could become far bigger in a couple of years.