According to eMarketer and Dash Hudson, on TikTok the month-over-month growth rate of growing brand accounts (between 1K to 11.5K followers) was 5.7% in Q2 2024. For established accounts (i.e.: 11.5K to 110K followers), it was 3.6%, and for large accounts, the month-over-month growth rate was 2.8% in Q2 2024. This shows that a large following doesn’t always equal customers. The big brand accounts on TikTok are seeing a decline in their growth as the platform is maturing.
Even though small accounts have less followers, most of their followers are loyal which contribute to the account growth. As TikTok is maturing, its explosive growth is slowing down even though the number of users on the platforms is still high. In Q4 2024, there was a 3.7% growth on all brand accounts on TikTok. This is a 4.4% decrease from Q1 2024 and a 5.3% decrease from Q4 2023.
According to the May 2024 forecast, TikTok’s user base is going to increase 9.4% this year accounting to 1.04 billion users worldwide. It is still a 13.3% decrease in growth from 2023 and 20.1% decrease from 2022. If brands need to attract customers, they would have to work harder on their content.
The category which is seeing the best month-over-month growth on TikTok is Wellness accounts with 5.2% increase in Q2 2024. Home brands saw a 5.0% growth. Gen-Z and Millennials purchase more health and wellness products than other generations and they are the ones most active on TikTok too. These two categories are projected to 14.2% growth in the ecommerce industry this year in the US. Home furnishing and Furniture is projected towards a 4.5% growth this year. Brand accounts of these categories are performing well on TikTok.
Read next: TikTok, Instagram Lead Gen-Z Social Media Engagement, eMarketer Reveals
Even though small accounts have less followers, most of their followers are loyal which contribute to the account growth. As TikTok is maturing, its explosive growth is slowing down even though the number of users on the platforms is still high. In Q4 2024, there was a 3.7% growth on all brand accounts on TikTok. This is a 4.4% decrease from Q1 2024 and a 5.3% decrease from Q4 2023.
According to the May 2024 forecast, TikTok’s user base is going to increase 9.4% this year accounting to 1.04 billion users worldwide. It is still a 13.3% decrease in growth from 2023 and 20.1% decrease from 2022. If brands need to attract customers, they would have to work harder on their content.
The category which is seeing the best month-over-month growth on TikTok is Wellness accounts with 5.2% increase in Q2 2024. Home brands saw a 5.0% growth. Gen-Z and Millennials purchase more health and wellness products than other generations and they are the ones most active on TikTok too. These two categories are projected to 14.2% growth in the ecommerce industry this year in the US. Home furnishing and Furniture is projected towards a 4.5% growth this year. Brand accounts of these categories are performing well on TikTok.
Read next: TikTok, Instagram Lead Gen-Z Social Media Engagement, eMarketer Reveals
