Market Insights Advertising & Media Advertising

Influencer Advertising - Spain

Spain

In Spain, ad spending in the Influencer Advertising market is forecasted to reach US$349.70m by 2024.
The expected annual growth rate (CAGR 2024-2029) for ad spending is 7.84%, leading to a projected market volume of US$510.10m by 2029.
The average ad spending per internet user in the Influencer Advertising market is estimated to be US$8.03 in 2024.
When compared globally, China is anticipated to have the highest ad spending with US$19,160.00m in 2024.
In Spain, Influencer Advertising is experiencing a surge in demand, with brands increasingly leveraging local social media personalities to reach their target audiences effectively.

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

Market

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Analyst Opinion

The Influencer Advertising market in Spain is experiencing significant growth and development. Customer preferences are shifting towards more personalized and authentic content, leading to an increased demand for influencer marketing. This trend is driven by several factors, including the rise of social media platforms, changing consumer behavior, and the effectiveness of influencer marketing in reaching target audiences.

Customer preferences: In Spain, customers are increasingly seeking out authentic and relatable content, and influencer marketing provides a way for brands to connect with their target audience on a more personal level. Influencers are seen as trusted figures, and their recommendations and endorsements carry weight with consumers. As a result, brands are investing more in influencer marketing campaigns to leverage this trust and reach their target customers.

Trends in the market: One of the key trends in the Influencer Advertising market in Spain is the growing popularity of micro-influencers. These are individuals with smaller but highly engaged social media followings. Brands are recognizing the value of working with micro-influencers who have a dedicated and niche audience. This allows for more targeted and personalized marketing campaigns, resulting in higher conversion rates. Another trend in the market is the increasing use of video content in influencer marketing. With the rise of platforms like YouTube and TikTok, video content has become a dominant form of communication. Influencers are leveraging this trend by creating engaging and entertaining video content that resonates with their audience. Brands are capitalizing on this by partnering with influencers to create video campaigns that showcase their products or services in an engaging way.

Local special circumstances: Spain has a strong influencer culture, with many popular influencers gaining a significant following and influence. This has created a highly competitive market, with brands vying for the attention of these influencers and their audiences. As a result, influencers in Spain have become more selective in the brands they work with, focusing on partnerships that align with their personal brand and values.

Underlying macroeconomic factors: The growth of the Influencer Advertising market in Spain can also be attributed to the overall growth of the digital advertising industry. With more people spending time online and on social media platforms, brands are shifting their advertising budgets towards digital channels. Influencer marketing offers a cost-effective and targeted way for brands to reach their desired audience, making it an attractive option in the digital advertising landscape. In conclusion, the Influencer Advertising market in Spain is experiencing significant growth due to shifting customer preferences, including a desire for personalized and authentic content. The rise of micro-influencers and the use of video content are key trends in the market. Spain's influencer culture and the overall growth of the digital advertising industry are also contributing factors. As the market continues to evolve, brands and influencers will need to adapt to changing consumer preferences and find innovative ways to engage with their audience.

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.