Deloitte Research Touts Importance of the Creator Economy and its Impact on Consumer Engagement

Staff Report From Georgia CEO

Tuesday, May 14th, 2024

With the proliferation of media across television, streaming services and social media platforms, it's never been more important for brands to foster unique and personal connections with their audience. Content creators offer brands that very opportunity, if brands take the right approach.   

Deloitte's "2023 Creator Economy in 3D" research found that 3 in 5 consumers surveyed are more likely to positively engage with a brand with a creator's recommendation. Creators are designed to be more personal, reach specific communities, and tend to lead the development of their content. These personalities are more adept at becoming relatable and generating a more authentic connection with purchasers.

"The Creator Economy is experiencing significant growth, and it could be beneficial for you to explore its possibilities sooner than later as many brands are already leveraging its potential," noted Dennis Ortiz, advertising, publishing, social media, and platforms sector leader, and principal, Deloitte Consulting LLP. "Relatability is paramount as 50% more consumers are likely to purchase a product based on a creator's recommendation with that creator's socioeconomic background. To create a more meaningful impact, industry leaders might want to reconsider their marketing plans if creators aren't in their arsenal. Ultimately, marketers willing to harness creators' distinctive characteristics and take on a more collaborative approach from the start will be better suited for long-term gain."

Deloitte has found Creators better suited for generating an elevated audience engagement and more significant relevance with niche communities that can help brands connect with their audience. This contrasts with influencer marketing, which tends to be better suited for broader relevance across a wide range of audiences and generating higher brand visibility and awareness.

With the Creator Economy currently estimated as a $250 billion industry — and expected to double in the next five years — creators pave the way to transform how consumers interact with brands, media and purchasing channels.

The Creator Economy has shifted how brands operate. Less frequently, companies are putting all their eggs in one individual to market their business. Deloitte found that some of the most successful brands maintain twice as many creator partnerships at a time than their less-successful peers.

"Your organization can greatly benefit from the distinct value that working with creators can provide," said Kenny Gold, head of social, content and influencer at Deloitte Digital, and managing director, Deloitte Consulting LLP. "Creators are at the forefront of spurring trust among consumers, supercharging the way brands form a more mature relationship with those individuals. It's clear to see that creators can help marketers take their brand to the next level."

To learn more about the Creator Economy, exploring how brands and marketers can start working with creators, please visit: The Creator Economy in 3D.