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ACCC launches influencer probe

Eliza Bavin
·Personal Finance Editor
Updated ·2-min read
A woman using a smart phone with a ring light to represent an social media influencers and social medial apps as presented on a smart phone.
The extent to which Aussies let influencers run their lives is examined by the ACCC. (Source: Getty)

As our lives have become more digital, so have our idols, with new research revealing the extent to which we allow influencers to run our lives.

An increasing number of younger people are relying on social media content creators to choose everything from what we buy to what we think, new research revealed.

The Behavioral Architects research found almost three quarters of people aged 15 to 40 followed at least one influencer.

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One in three Generation Z and Millennials followed more than 15 influencers, according to the study.

A shocking two-thirds of those respondents said they had purchased something because it was recommended by an influencer.

Half of all respondents said they would become an influencer if they had the chance.

The research was conducted for The Influence Index, which will be published exclusively by theoz.com.au on Thursday.

Influencer obsession cause for concern

Aussies’ obsession with online influencers has piqued the interest of the Australian Competition and Consumer Commissions (ACCC), which has launched an inquiry into the space.

The ACCC said it was examining potential consumer issues, including the way businesses used social media advertising services, such as display advertising, sponsored posts and paying influencers to engage with and advertise to consumers.

“Social media has become an essential tool for many businesses as they seek to widen their customer bases and engage and communicate with consumers, and for individual consumers to connect and communicate with each other and access critical information,” ACCC chair Gina Cass-Gottlieb said.

“We want to hear from businesses and consumers about their experiences with social media services, including with Facebook, Instagram, Twitter, TikTok and Snapchat.

“We hope to examine trends in user preferences and engagement over time, and consider how users choose social media services.”

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