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The Influencer Economy Hurtles Toward Its First Recession

Influencer industry

The influencer industry has operated in boom times. As more Americans have taken their cues from social media about where and what to buy, brands started to use their marketing budget on influencers.

But if the world is going to face a recession, the influencer lifestyle will come to a halt. It's not clear what the lasting impacts will be.

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IDEA EXTRACTED FROM:

The Influencer Economy Hurtles Toward Its First Recession

The Influencer Economy Hurtles Toward Its First Recession

https://www.wired.com/story/influencer-economy-hurtles-first-recession/

wired.com

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Key Ideas

Influencer industry

The influencer industry has operated in boom times. As more Americans have taken their cues from social media about where and what to buy, brands started to use their marketing budget on influencers.

But if the world is going to face a recession, the influencer lifestyle will come to a halt. It's not clear what the lasting impacts will be.

Reason for the negative impact

  • There is less money to go around. Since March, about a third of influencers were already seeing fewer collaborations.
  • This is also an awkward time to advertise, while so many are unemployed or facing a life-threatening illness. Brands don't want to alienate their market.
  • Some retailers are doing better, while other online retailers may not last. Categories like fashion, beauty, and luxury will likely suffer first and hardest.

Broad branding campaign

If a recession brings shopping to a standstill, marketers may not return to the type of broad branding campaign currently used in the influencer world.

Marketers are still in demand, but brands may demand evidence that the influencers give them sales, not just exposure.

Influencers can still be influential

In some ways, influencers are more influential than ever. They get more reach now from self-isolating fans.

The recession stands to remake the industry and force it to mature. Massive followings alone won't promise security. Influencers will have to demonstrate their value and remain adaptive to the fast-changing world.

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