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In this edition, we share focal points from Glossy’s recently released YouTube Influencer Index on the best partners for more engagement per dollar spent.
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CMO Strategies: Marketers devote highest portion of budgets to Instagram, keep TikTok spend low
This is the first installment of a multi-part series covering CMO strategies across marketing channels. Keep an eye out for an upcoming report on retail media.
Instagram, Facebook, TikTok and YouTube took the top spots for marketers’ budget allocation in 2023, according to Glossy+ Research’s recent analysis of budget allocations across social media platforms. TikTok, which came in third, has fewer out-of-the-box tools for marketers than its legacy competitors, but its ability to create viral moments has pushed the platform to the top of marketers’ minds.
However, when looking specifically at the portion of budgets marketers gave to the different platforms, the majority of brand respondents, 46%, told Glossy that they leaned toward allocating no marketing budget to TikTok and 24% spend a small or very small portion of their budget there.
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Key findings:
- While TikTok has grown in popularity, ad spending on TikTok may not be as necessary as on other platforms because the platform focuses more on creating viral organic moments. It is not as pay-to-play as other social players. But, many marketers trade predictability for that potential.
- Instagram remained the recipient of the highest portion of marketing budgets. Based on year over year spend, Instagram received the highest average portion of social budgets, 20% on average spend a moderate to very large portion compared to 13% spending none or a small portion since Q1 2022.
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Glossy x Saks Research: Luxury shoppers prioritize travel investments
With the first day of summer officially arriving yesterday and post-pandemic revenge travel on the rise, luxury shoppers are planning to prioritize travel investments over purchases of items such as leather goods and beauty services in the next 12 months. That is according to an April 2023 Glossy and Saks survey of 3,944 luxury consumers on their current shopping habits. Almost two-thirds of respondents said that, in the next 12 months, they are likely to spend the most money on travel. That was followed by beauty products (37%) and local experiences/entertainment (37%).
Key findings:
- Luxury customers are seeking out in-person connections and immersive experiences, but they’re not looking to spend much more than their typical amount. Nearly half of respondents said they will be spending the same amount in the next 12 months versus the prior year.
- Only one in three luxury consumers plans to up their spending in the coming year. Twenty-three percent of respondents said they will be spending slightly more on luxury goods, while 16% will be spending slightly less.
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