Market Insights Advertising & Media Advertising

Influencer Advertising - Hungary

Hungary

In Hungary, the ad spending within the Influencer Advertising market is forecasted to reach US$34.42m by 2024.
The anticipated annual growth rate (CAGR 2024-2029) is 8.56%, leading to a projected market volume of US$51.90m by 2029.
The average ad spending per internet user in the Influencer Advertising market is estimated to be US$3.91 in 2024.
When compared globally, China is expected to lead in ad spending with US$19,160.00m in 2024.
In Hungary, Influencer Advertising is gaining traction among brands seeking authentic connections with local audiences in a digitally saturated market.

Key regions: France, China, United Kingdom, United States, India

Market

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Currency

Analyst Opinion

The Influencer Advertising market in Hungary has been experiencing significant growth in recent years, driven by changing customer preferences and the increasing popularity of social media platforms.

Customer preferences: Hungarian consumers are becoming increasingly skeptical of traditional advertising methods and are turning to influencers for recommendations and product information. Influencers are seen as more relatable and trustworthy, as they are perceived to have a genuine interest in the products they promote. This has led to a shift in advertising budgets towards influencer marketing, as companies seek to reach their target audience in a more authentic and engaging way.

Trends in the market: One of the key trends in the Influencer Advertising market in Hungary is the rise of micro-influencers. These are individuals with a smaller but highly engaged following, often within a specific niche. Brands are recognizing the value of working with micro-influencers, as they are able to reach a highly targeted audience and generate more meaningful interactions. This trend is further fueled by the increasing demand for niche products and services in the market. Another trend in the market is the growing use of video content. Video platforms such as YouTube and TikTok have gained significant popularity among Hungarian consumers, especially among younger demographics. Brands are leveraging this trend by partnering with influencers who create video content that showcases their products or services in an engaging and entertaining way. This allows brands to tap into the growing popularity of video content and reach a wider audience.

Local special circumstances: One of the unique aspects of the Influencer Advertising market in Hungary is the high level of engagement among social media users. Hungarian consumers are known for actively interacting with influencer content, leaving comments, and sharing their opinions. This high level of engagement presents an opportunity for brands to not only reach their target audience but also create a dialogue with consumers and build brand loyalty.

Underlying macroeconomic factors: The growth of the Influencer Advertising market in Hungary is also influenced by macroeconomic factors such as the increasing internet penetration rate and the rise of e-commerce. As more Hungarians gain access to the internet and engage with social media platforms, the potential reach of influencer marketing increases. Additionally, the growth of e-commerce has created new opportunities for influencer marketing, as consumers are increasingly making purchase decisions online and rely on influencers for product recommendations. In conclusion, the Influencer Advertising market in Hungary is experiencing significant growth due to changing customer preferences, the rise of micro-influencers, the popularity of video content, high levels of social media engagement, and underlying macroeconomic factors such as internet penetration and e-commerce growth. Brands are recognizing the value of influencer marketing in reaching their target audience in a more authentic and engaging way, and are allocating more of their advertising budgets towards this form of marketing.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on influencer advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers advertising fees paid directly to influencers to post sponsored content.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use market data from independent databases, influencer marketing platforms, and third-party reports to analyze and estimate global influencer advertising spending. We start by researching on the average cost per content post on each social media platform, the number of influencers available on advertising platforms (breakdown by tier: nano, micro, macro, and mega), and the average number of posts per year. Then we estimate the market size for each country individually. We use relevant key market indicators and data from country-specific industry associations, such as GDP, social media users, and digital consumer spending. Lastly, we benchmark key countries or regions (global, United States, China, etc.) with external sources.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.