By 2024, there will be an estimated 5.17 billion social media users globally.
Instagram and Facebook share the title for the highest ROI among social platforms. Social media ad spending is projected to hit $219.8 billion in 2024, with mobile leading the charge, reaching $255.8 billion by 2028.
- 56% of internet users make online purchases at least once a week.
- 51% of consumers research brands online before committing to a purchase.
- 72% of companies leverage social media data to drive business decisions.
- 82% of consumers appreciate when brands engage with them on social media.
- 64% of users buy products after watching a social media video.
- Over 93% of brands acquire at least one new customer through social media videos.
- 49% of consumers rely on influencers for product recommendations.
Sources Sprout Social and Damteq
Cover photo by Kerde Severin