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As the United States is home to many of the world’s most popular social media platforms, it is likely that the way people in the US use social media will influence how people in other countries use it as well. However, in terms of growth, social media usage in the US has not seen much change in the past decade. This is partly because there was already a high penetration rate of 60% ten years ago. According to Pew Research, the latest figure for social media usage in the US is 72% in 2021.
Among different age group, we also see a gradual increase in elder population, particularly those over 55. From 55-64 the penetration rate is at 72% while the 65+ segment is at 45%.
In the coming years, several key trends will shape the social media landscape. These include the growing popularity of TikTok, the continuous rise of social commerce, the increasing use of AI in recommendations, the link between social media and real-world events beyond shopping, and the growing focus on privacy.
The growing popularity of TikTok:TikTok has seen a significant increase in popularity, due to its algorithm-driven short-video format that appeals to a diverse range of demographic groups, not just young people. Even those aged 30-49 have a 22% penetration rate on the platform, higher than Twitter’s 27% in the same age group. However, the platform being Chinese-based has become a major concern, with legislators proposing bills to ban its use and regulators and security experts warning people to be cautious when using it. It will be interesting to see how the US government addresses the issues of privacy and potential espionage related to the platform, though it is unlikely if a ban will take place.
the increasing use of AI-based short video platforms: This is also one of the trends pushed to mainstream by TikTok where its basically setup its platform as a series of recommendations from whomever, be it your friends, accounts you followed, or complete strangers. Facebook has quickly adopted to such trends with the rollout of Reel, and YouTube’s Short and its main page has also switched to this AI heavy algorithmic recommendation. Twitter is also launching similar platforms to counter TikTok. Despite platforms like Reel and Shorts are paying a higher dividends to creators and are running at a loss, As of now, TikTok remains the trendsetting platforms as that’s where most of the trends come from, however it would be interesting to see how things go.
Given the latest survey available, in Hong Kong there are about 6.5 million active social media users (Log in at least once in a month) in 2022. This is about 88.1 % of the addressable demographics. Also, Throughout 2021 to 2022, the number of users has grown 3.7 %.
As of 2023, Facebook remains the most dominant and popular social media platform in terms of user base and revenue. Even without including Instagram, Facebook’s ad revenue alone is estimated to be 56 billion dollars, which is five times higher than TikTok’s, according to eMarketer. However, it is worth noting that about half of TikTok’s revenue comes from the US market, and only 43% for Facebook.
With the latest data published in January 2023, we can see that at the growth rate of 1%, there is now around 6.14 million Facebook users in Hong Kong . With male users account for around 43.24% and female users account for around 56.76%.
With the latest data published in January 2023, we can see that at the growth rate of 1.09%, there is now around 3.46 million Instagram users in Hong Kong . With male users account for around 42.89% and female users account for around 57.11%.
With the latest data published in January 2023, we can see that at the growth rate of 1.13%, there is now around 140.6 million TikTok users in United States . With male users account for around 0.388 and female users account for around 0.612.
With the latest data published in January 2023, we can see that at the growth rate of 1.15x, there is now around 2.77 million LinkedIn users in Hong Kong.
Our consumer research practice tracks what customers spend and how they make decisions across major economies in the world.
