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TikTok Consumer Spending Reached $2.3 Billion in 2021

The rate at which TikTok has grown has been quite shocking to a lot of people because of the fact that this is the sort of thing that could potentially end up upending the paradigm that had been established in the world of social media over the past ten years or so. TikTok continues to grow by leaps and bounds, and perhaps the biggest indication of its growth is the amount of money that consumers are spending on it.

Consumers ended up spending around $2.3 billion on TikTok in 2021 which is a massive 77% increase from last year. Such exponential growth make turn TikTok into a juggernaut in the social media industry, something that it has already become relatively close to doing thanks to the growth that it has seen across the board. One thing that some people say to put this growth into perspective is that most of TikTok’s consumer spending occurs in its country of origin, namely China.

With all of that having been said and now out of the way, it is important to note that this is starting to change too. In the fourth quarter of 2020, around 85% of consumer spending on TikTok involved its Chinese version called Douyin. However, if you look at the fourth quarter of 2021, you will notice that only about 55% came from China with the rest coming from various other countries around the world where TikTok is operating.

This indicates that TikTok is mostly growing outside of China with all things having been considered and taken into account, and that can eat into the revenues that other social media platforms are trying to collect. It seems like 2022 will be a year of continued growth for TikTok which may just make it fully on par with its better established rivals and turn it into the biggest social media platform that is out there.
H/T: ST.

Read next: Apps Data Reveals Instagram Has Taken Over TikTok As The Most Downloaded Application in Q4 2021

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