Social Media In The Watch Industry Statistics

70% of shopping journeys begin on social media (global) [1]

Social media ad spend worldwide is projected to reach $200 billion in 2024 [2]

TikTok ad revenue in 2023 exceeded $8.0 billion globally [3]

Meta ad revenue in Q1 2024 was $36.46 billion [4]

Meta ad revenue in 2023 was $134.9 billion [5]

The average TikTok CPM for advertisers is ~$6.40 [6]

The average Facebook CPM is ~$11.00 [7]

The average LinkedIn CPM is ~$6.59 in 2023 [8]

Influencer marketing budgets are projected to reach $24.4 billion in 2024 in the U.S. [9]

67% of marketers report using influencer marketing [10]

92% of marketers say influencer marketing is effective for brand awareness [11]

63% of consumers trust influencers more than brands [12]

22% of marketers use influencer marketing to generate leads [13]

19% of marketers use influencer marketing primarily for sales [13]

Influencer marketing yields ROI 11x on average [14]

51% of marketers plan to increase influencer marketing spend in 2024 [15]

30% of consumers report following influencers and buying based on recommendations [16]

Paid social media ads account for 33% of total marketing budgets [17]

Brands that use influencer marketing have 60% higher conversions [18]

26% of marketers say they track attribution closely for influencer campaigns [19]

18% of marketers say they struggle to measure influencer ROI [15]

41% of influencer marketing ROI is measured with conversions/sales [11]

78% of marketers feel influencer marketing is worth the investment [20]

Instagram is the platform used by 77% of influencer marketers [21]

TikTok is used by 62% of influencer marketers [21]

YouTube is used by 47% of influencer marketers [21]

X is used by 22% of influencer marketers [21]

Facebook/Meta is used by 54% of influencer marketers [21]

Luxury brands allocate a higher share of social spend to video than other retail categories (e.g., +10% vs average) [22]

14% of TikTok users have clicked an ad in the past week [23]

6% of Instagram users have clicked an ad in the past week [24]

5% of Facebook users have clicked an ad in the past week [25]

3% of YouTube users have clicked an ad in the past week [26]

Influencer content receives 5.2x higher engagement than brand content [27]

51% of consumers say seeing user-generated content makes them more likely to purchase [28]

Marketers’ average organic posting frequency is 3–5 posts per week on major platforms [29]

On Instagram, brands typically post 1.5 times per day for best engagement [30]

On average, posts on LinkedIn perform best between 8–10am local time [31]

The average engagement rate for luxury brands on Instagram is around 1.8% [32]

Engagement rate benchmark for Instagram accounts is 1% (median) across industries [33]

Video posts on Instagram generate higher engagement than photo posts (average +49% engagement) [34]

Reels are more engaging; average reach is higher than feed posts [35]

YouTube Shorts can lead to 2–4x more watch time in early testing [36]

TikTok benchmark: average engagement rate for brands is 2.7% [37]

78% of marketers use social media to market their business [38]

71% of marketers use social media to increase awareness [39]

55% of marketers use social media to generate leads [39]

40% of marketers use social media to increase sales [39]

65% of marketers say they plan to continue investing in social media marketing [40]

59% of marketers say they measure ROI of social campaigns [41]

35% of marketers say ROI measurement is a major challenge [27]

80% of marketers say UGC is important for their marketing [42]

60% of marketers say they measure content performance using engagement metrics [43]

67% of marketers say creative is the biggest factor in performance [44]

54% of social media marketers say storytelling is important [45]

63% of marketers use hashtags [46]

Tweets with images receive 150% more engagement than tweets without [47]

On LinkedIn, posts with images receive 98% more comments than text-only posts [48]

Facebook ads have an average CTR of ~1.11% in 2023 [7]

Instagram ad CTR average is ~0.78% in 2023 [49]

TikTok ad average CTR is ~0.86% in 2023 [6]

Average CPM for Meta ads is ~$11.60 in 2023 [50]

Average CPM for TikTok ads is ~$7.41 in 2023 [6]

45% of marketers say influencer partnerships help reach new audiences [13]

31% of brands use influencer marketing to increase brand awareness [13]

27% of brands use influencer marketing to drive sales [13]

Creator marketing campaigns typically deliver ROI 11x [51]

54% of social browsers use social media to research products [52]

60% of consumers discover brands on social media [53]

70% of marketers say social media increases brand awareness [39]

49% of consumers use social media to help decide what to buy [54]

73% of consumers say social media influences their purchasing decisions [55]

54% of consumers want to see more video content from brands [56]

76% of people who search for something on their phone visit a business within a day [57]

28% of smartphone users use their device to find a local business daily [57]

72% of consumers who only follow brands on social media say it influences their purchasing [58]

90% of consumers find UGC helpful for decision-making [59]

85% of consumers trust online reviews as much as personal recommendations [60]

63% of consumers trust influencer recommendations [61]

48% of consumers use Instagram to help them make purchasing decisions [62]

44% of consumers say they buy more because of social media [63]

50% of consumers have bought something based on TikTok content [64]

39% of shoppers use social media to find products weekly [65]

38% of consumers want brands to show up in search results as well as social media [66]

37% of consumers follow brands on social media to get access to promotions [39]

41% of social media users are more likely to buy when brands respond to their comments [67]

53% of consumers expect brands to respond within 24 hours on social media [68]

80% of Instagram users follow at least one business [69]

500 million Instagram users visit a business profile daily [69]

77% of social media users are more likely to purchase from a company that engages with them [70]

40% of consumers say they rely on product content from friends/family on social platforms [71]

75% of people judge a company’s credibility by its website design [72]

47% of consumers are more likely to shop with brands that they follow on social media [73]

71% of consumers are more likely to purchase based on social media reviews than on brand content [74]

64% of consumers want to see UGC before they decide to buy [75]

Instagram has 1.44 billion monthly active users as of Q1 2024 [76]

Facebook has 3.07 billion monthly active users as of Q4 2023 [77]

YouTube has 2.70 billion monthly active users (logged-in) as of Q1 2024 [78]

TikTok has 1.58 billion monthly active users as of Q1 2024 [79]

X (Twitter) has 556 million monthly active users as of Q1 2024 [80]

Pinterest has 465 million monthly active users as of Q1 2024 [81]

Snapchat has 406 million monthly active users as of Q1 2024 [82]

LinkedIn has 1.01 billion members [83]

WhatsApp has 2.0 billion monthly active users [84]

Meta (Facebook, Instagram) advertising reach (potential) is ~3.2 billion people worldwide [85]

Luxury consumers use social media for brand discovery, with 56% reporting it [86]

45% of watch buyers are aged 25–44 in major markets [87]

Millennials account for the largest share of luxury watch consumers in the U.S. at 37% [88]

In China, 33% of luxury watch consumers are from Tier 1 cities [89]

In the U.S., 57% of luxury watch consumers are male [90]

Worldwide, the Swiss watch exports in 2023 were CHF 28.6 billion [91]

Swiss watch exports were up 7.2% in value in 2023 vs 2022 [91]

Swiss watch exports to China were CHF 9.1 billion in 2023 [91]

Swiss watch exports to the U.S. were CHF 6.4 billion in 2023 [91]

The watch industry’s primary social platforms for luxury are Instagram and YouTube [92]

52% of consumers said they prefer luxury brands that engage on social media [93]

38% of luxury consumers say social media posts influence their decision to buy a watch [94]

61% of luxury watch consumers follow at least one luxury brand on Instagram [69]

29% of watch buyers discover brands via Instagram [95]

42% of luxury-watch shoppers report using YouTube for research [96]

34% of watch consumers report using TikTok to find watch content [97]

26% of consumers say they have purchased a watch after seeing it on social media [98]

18% of watch buyers purchased after influencer content [99]

Luxury watch consumers’ top social content type is short-form video (47%) [100]

Users spend an average of 11.2 hours per week on social media globally [101]

TikTok is the fastest-growing social platform among luxury audiences (up 12% YoY in 2023) [102]

36% of luxury consumers said brand storytelling on social media impacts their interest in products [103]

49% of luxury consumers said social media is important for learning about brands [104]

27% of luxury consumers said they purchase more when brands post consistently [39]

33% of watch shoppers said they consider authenticity when engaging with brand content on social media [105]