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Influencer advertising can bring large profits, but experts say may also pose unique dangers to consumers.
The COVID-19 pandemic has led to a significant increase in social media engagement. Social media is increasingly used not only to connect with friends but also to find and buy products.
Popular personalities on social media who partner with brands to sell items to their followers are called “influencers.” Although the industry is rapidly expanding, the uniquely personal marketing approach by influencers may require different regulation than traditional marketing.
With the advent of social media, nearly anyone can be an influencer. Any person with a following on social media has an audience to influence. Influencers are key actors in many companies’ sales approach. In 2019, companies spent $6.5 billion on influencer marketing around the world. In 2021, the market was estimated at $13.8 billion. Even during worldwide market downtowns, social media influencer marketing continues to grow.
Individuals actively choose who to follow based on the type of content or lifestyle promoted. Influencers often partner with companies whose products may be specifically of interest to followers. Companies benefit from direct access to a target audience, influencers benefit from getting paid to relay useful products to their followers, and followers benefit by getting testimonials about products from influencers they admire or even trust.
The informal nature of influencer...
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