The influencer market has been very lucrative for both influencers and brands, especially those involved in the fast-moving consumer goods (FMCG) sector. Influencer marketing is expected to be worth $15 billion globally by 2022.
A global survey by New York headquartered consultancy firm Duff & Phelps found that in 2021 nearly half the marketers at FMCG companies said they expect to spend 31-50 percent of their total marketing budget on influencers.
Duff & Phelps said global average spend on single influencers was $22,151. While Saudi Arabia was not included in the study, average spend in the UAE was lower than the global average at $15,612.
The study found that a third of marketers at FMCG companies said their most successful influencer campaign brought in between $250,000-$500,000 worth of sales. However, a quarter of respondents said they suffered a $100,000-$250,000 hit from negative associations with an influencer, while a fifth took an even greater hit —$500,000.