Creator economy scoop: Pinterest and luxury brands

November 27, 2023

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#QuickNumbers

$82 million: The revenue for Mr Beast's company from June 2022 to June 2023

$1 trillion: The projected overall global advertising spend for 2024

2x: The luxury goods market is likely to double in size by 2030

51%: The percentage of Gen Z says long-form social content as a favourite format

Promoting luxury brands on Pinterest

Pinterest has published a new report on the value of the app for promoting luxury brands, including notes on how and why users come to the platform to discover luxury products.

The report, conducted in conjunction with PA Consulting, looks specifically at engagement with high-end fashion brands, and how Pinterest is helping to drive discovery and engagement with this market segment. Some interesting findings include:

3/5 luxury shoppers use Pinterest to research luxury brands
70% of the Pinterest luxury audience is under 35 years old
4/5 luxury shoppers in the app are women
1/3 of luxury shoppers on Pinterest have annual incomes exceeding $US100,000
Pinterest users spend 87% more on luxury goods, and are 27% more likely to buy premium products
PA Consulting’s survey found a third of luxury shoppers on Pinterest also have annual incomes exceeding USD $100,000
Those affluent luxury shoppers also spend 87% more on luxury goods and, according to the Global Web Index, are 27% more likely to buy premium products.
The luxury goods market is surging and is likely to double in size by 2030 on the strength of Gen Z spending (a strong vertical for us to target 👀)
PA Consulting reported that 482 million monthly users use Pinterest to plan their next projects; consumer brands enhance a positive experience

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The disparity between BIPOC and white creators

Execs of color at TikTok and Snapchat open up about the influencer pay gap and how they're trying to level the playing field for creators from diverse backgrounds.

Data on pay inequity between white and BIPOC creators is sparse, though a 2021 study conducted by the MSL Group, in partnership with The Influencer League, showed a 29% gap
Sephora and TikTok incubator program partnered with BIPOC beauty brands and brought representatives in to speak with Black and Latinx creators. Fory said those brands committed over $100,000 toward brand deals with these creators
Snapchat took similar steps to become more inclusive through its 523 program, which spotlights creators from underrepresented communities
The program provides $10,000 a month to 25 creators to help them develop and film content for Snap. Other key components include one-on-one mentoring with Snap's executive team, workshops on content best practices, and community events. Over the course of a year, the platform invested over $3 million in emerging Black creators to help them build their brands, according to the company.

Teachable report: Where creators and fans stand today

Teachable unveiled its inaugural consumer report, titled Creator Connections, on the trends and behaviors shaping fans and their favorite creators. The report, based on a survey of 1,000 U.S. consumers, tackles everything from the nitty gritty of what goes into winning content to the anatomy of developing authentic fan-creator connections.

Key findings include:

70% of consumers say they feel personally connected to the creators they’re most engaged with
40% of consumers say their decision to buy products or content is influenced by a sincere desire to support creators ❤️ and this percentage rises to 50% among Gen Z
Favourite content formats: Short-form social (54%), long-form social (43%), and livestreams (37%)
1/4 find creators by seeking out specific expertise (Educational content is 🔑)
Favorite content styles: Entertainment/Day in the life/GRWM (51%), How-to/DIY/demo (22%), Advice/guidance/self-help (18%), Interview/Q&A (9%)
Top reason why people enjoy learning from a creator—they can learn in a shorter time (27%)

pinterest insights — (source: Teachable/Goldman Sachs)

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Ogilvy Report: 2024 Influencer Trends

The team at the Ogilvy published a report for brands to know what to expect in 2024 when it comes to the creator economy space. A few findings include:

TikTok ads with sound drive significant lifts in sales conversion and brand favorability, and Meta reports that 80% of story content with voiceover or music drive better low-funnel results
Overall global advertising spend is projected to reach $1 trillion USD for the first time. And the sports marketing industry will see a notable share of that spend, with the Paris Summer Olympics and Summer Paralympics and UEFA Euros
63% of marketers plan to use AI tools in their influence campaigns, with an additional 25% considering it.