Market Insights Advertising & Media Advertising

Influencer Advertising - Singapore

Singapore

Ad spending in the Influencer Advertising market in Singapore is forecasted to reach US$105.80m in 2024.
The ad spending is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 10.87%, leading to a projected market volume of US$177.20m by 2029.
The average ad spending per internet user in the Influencer Advertising market in Singapore is estimated to be US$17.83 in 2024.
When compared globally, the highest ad spending is expected to be generated China (US$19,160.00m in 2024).
In Singapore, Influencer Advertising is rapidly growing as brands leverage local social media personalities to reach targeted audiences effectively.

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

Market

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Region comparison

Currency

Analyst Opinion

The Influencer Advertising market in Singapore has been experiencing significant growth in recent years.

Customer preferences: Singaporean consumers have shown a strong interest in influencer advertising. They are increasingly looking to social media influencers for product recommendations and lifestyle inspiration. Influencers have become trusted voices in various industries, including fashion, beauty, food, and travel. Singaporeans appreciate authentic and relatable content, and they value the opinions of influencers who align with their personal values and interests.

Trends in the market: One of the key trends in the influencer advertising market in Singapore is the rise of micro-influencers. These are individuals with a smaller but highly engaged following. Brands are recognizing the value of working with micro-influencers who have a more niche audience and can deliver higher levels of engagement and conversion. This trend is driven by the desire for more targeted and personalized marketing campaigns. Another trend is the increasing use of video content in influencer advertising. With the popularity of platforms like YouTube and TikTok, video content has become a powerful tool for influencers to connect with their audience. Brands are leveraging this trend by collaborating with influencers to create engaging and entertaining video content that showcases their products or services.

Local special circumstances: Singapore is known for its high internet penetration rate and tech-savvy population. This makes it an ideal market for influencer advertising, as consumers are active on social media platforms and are receptive to digital marketing strategies. Additionally, Singaporeans have a strong affinity for social media, with a significant portion of the population actively following and engaging with influencers.

Underlying macroeconomic factors: Singapore has a thriving digital economy and is a hub for technology and innovation. The government has been actively promoting the growth of the digital sector, which has created a favorable environment for influencer advertising. The country's strong economic performance and high disposable income levels also contribute to the growth of the market, as consumers have the purchasing power to engage with influencer-recommended products and services. In conclusion, the Influencer Advertising market in Singapore is thriving due to customer preferences for authentic and relatable content, the rise of micro-influencers, the increasing use of video content, and the country's favorable macroeconomic factors. With the continued growth of the digital economy and the popularity of social media, the market is expected to further expand in the coming years.

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.