Key Highlights
- The global social media advertising spend is expected to reach $177.34 billion in 2023
- Over 4.7 billion people worldwide used social media in 2023
- Facebook remains the most popular social media platform, with 2.99 billion active users in Q2 2023
- The average time spent on social media per day in 2023 is 2 hours and 24 minutes
- Millennials and Gen Z account for 61% of social media users worldwide
- Instagram has over 2 billion monthly active users as of 2023
- TikTok reached over 1 billion monthly active users in 2023
- 73% of marketers believe social media marketing has been "somewhat effective" or "very effective" for their business
- 54% of social browsers research products on social media, with 84% of those making a purchase decision
- Social media influencers have a global market value of $21.1 billion in 2023
- 45% of consumers say they have bought a product after seeing it on Instagram
- 68% of Pinterest users have discovered new products thanks to the platform
- LinkedIn has over 900 million members worldwide in 2023
With over 4.7 billion people engaging daily on social media and global advertising spending soaring past $177 billion in 2023, the social industry is transforming how brands connect, influence, and grow in the digital age.
Advertising Spend and Performance Metrics
- The global social media advertising spend is expected to reach $177.34 billion in 2023
- The median spend per influencer campaign in 2023 is $744
- Social media ad spending per user is projected to be $31.21 in 2023
- YouTube's ad revenue reached nearly $29 billion in 2023
- The number of social media ad campaigns globally has increased by 21% in 2023
- The average cost-per-click (CPC) for social media ads in 2023 is $1.72
- The global social media management market size is valued at $17.7 billion in 2023
Advertising Spend and Performance Metrics Interpretation
Content Trends and Social Media Strategies
- 55% of social media marketers say video content provides the highest ROI
Content Trends and Social Media Strategies Interpretation
Influencer Marketing and Consumer Behavior
- 54% of social browsers research products on social media, with 84% of those making a purchase decision
- Social media influencers have a global market value of $21.1 billion in 2023
- 45% of consumers say they have bought a product after seeing it on Instagram
- 60% of Instagram users discover new products via the platform
- 81% of consumers have purchased a product because of a social media post
- In 2023, 78% of brands have at least one influencer marketing campaign active
- 45% of consumers say social media influences their purchasing decisions
- The global influencer marketing industry is projected to reach $22.4 billion in 2023
- The average engagement rate for TikTok influencers is 4.26%
- 85% of social media posts from consumers influence purchasing decisions
Influencer Marketing and Consumer Behavior Interpretation
Platform Popularity and User Demographics
- Facebook remains the most popular social media platform, with 2.99 billion active users in Q2 2023
- Millennials and Gen Z account for 61% of social media users worldwide
- Instagram has over 2 billion monthly active users as of 2023
- TikTok reached over 1 billion monthly active users in 2023
- LinkedIn has over 900 million members worldwide in 2023
- Snapchat has over 600 million monthly active users as of 2023
- Reddit has over 430 million active users monthly in 2023
- Twitter has approximately 450 million monthly active users in 2023
- 90% of TikTok’s users are under the age of 35
- Facebook groups have over 1.8 billion members as of 2023
Platform Popularity and User Demographics Interpretation
Usage Metrics
- 91% of companies use two or more social media platforms for marketing
Usage Metrics Interpretation
User Engagement and Usage Metrics
- Over 4.7 billion people worldwide used social media in 2023
- The average time spent on social media per day in 2023 is 2 hours and 24 minutes
- 73% of marketers believe social media marketing has been "somewhat effective" or "very effective" for their business
- 68% of Pinterest users have discovered new products thanks to the platform
- The average engagement rate for brand posts on Instagram is 1.22%
- 80% of TikTok users watch the platform daily
- Over 70% of social media users prefer messaging brands over calling customer service in 2023
- 44% of social media users say they have purchased a product directly after clicking on a social ad
- The usage of social media for customer service has increased by 87% from 2019 to 2023
- 61% of users say they are comfortable engaging with brands via social media
- 40% of small businesses use social media as their primary marketing channel
- 87% of marketers say social media helps them increase exposure
- The average organic reach of a Facebook post is 5.2%
- 67% of adults say they follow brands on social media
- 60% of TikTok users look for products on the platform regularly
- 73% of social media users say they follow brands to stay updated on new products
- Over 50% of consumers prefer to message brands on Facebook Messenger or WhatsApp
User Engagement and Usage Metrics Interpretation
Sources & References
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