Spend Management Statistics 2024 - Everything You Need to Know

Are you looking to add Spend Management to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Spend Management statistics of 2024.

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How much of an impact will Spend Management have on your day-to-day? or the day-to-day of your business? Should you invest in Spend Management? We will answer all your Spend Management related questions here.

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On this page, you’ll learn about the following:

Best Spend Management Statistics

Best Spend Management Statistics

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Spend Management Benefits Statistics

80% of workers would rather stay in a job with benefits than take one that offered more pay but no benefits. ^[0]

Spend Management Market Statistics

21% of companies reported using facetoface meetings with customers as a goto market strategy, down from 55% before the crisis. ^[0]
In fact, marketing budgets equal 11.2% of company revenue on average, and have been mostly steady in recent years. ^[0]
Gartner also found that nearly one third of marketing budgets (29%). ^[0]
In one survey, 93% of the most successful B2B companies were very or extremely committed to content marketing. ^[0]
24% of marketers expected to increase their investment in content marketing in 2020. ^[0]
The same study found that 77% of the most successful businesses rely on buyer personas for content marketing, compared with only 36% of the least successful. ^[0]
Global spending on paid digital marketing was estimated to be around US$100 billion in 2018. ^[0]
Businesses spend on average 21% of marketing budgets on advertising, with two thirds of that advertising money now spent online. ^[0]
One survey found that 41% of marketers feel that events are their best channel, ahead of content marketing (27%) and email (14%). ^[0]
The above survey also discovered that 62% of marketers intended to increase their event budget moving from 2018 to 2019. ^[0]
55% of CMOs plan to increase spending on marketing technology in the next year. ^[0]
When done well, spend management can free up as much as 20 percent of a marketing budget and serve both as a foundation to weather the storm and a catalyst for future growth. ^[1]
Among midmarket companies, 55% saw a positive ROI in one year or less, while 76% realized a positive ROI in two years or less. ^[2]
90% of Instagram users follow a business 2 in 3 people say that Instagram helps them to connect with brands 50% of people are more interested in a brand after seeing an ad on Instagram Looking for even more Instagram marketing stats?. ^[3]
Despite gloom and doom, Facebook remainsthe most used platform by marketersworldwide (93%). ^[4]
Based on projections,over 50% of marketersgot on board with LinkedIn in 2021 16.2% of LinkedIn usersuse. ^[4]
“#DigitalMarketing” (47%) is the most popular marketing hashtag among #ContentMarketing Tweets, followed by “#SEO” (40%) and “#marketing” (37%). ^[4]
In Q1 2021, marketersspent 60% moreon Facebook and Instagram ads versus Q1 2020. ^[4]
Retargeting ads are the most used among marketers, with77% of B2B and B2C. ^[4]

Spend Management Software Statistics

European IT spending was expected to decline 4.7% in 2020 to reach $487 billion. ^[0]
This is why payroll management software is expected to grow by 9% over the next six years. ^[0]
In 2019, 75% of CRM software spend goes to cloud based technology, usually on a subscription basis. ^[0]
IDC backs that up, saying that demand for cloud based expense management software is growing at a CAGR of 11.2%. ^[2]
We’ve seen many enterprise companies make the leap to cloud based spend management software , with 46% of businesses seeing positive ROI within the first year of use. ^[5]
After POS technology and payment processing, the most popular back office technologies were accounting software (52%, up from 31% in 2018) and payroll software (50%, up from 28% in 2018). ^[6]

Spend Management Latest Statistics

As is customary, here’s an amazing stat that didn’t make the cut below 82% of businesses fail because of cash flow issues. ^[0]
68.9% of respondents in one study felt that their companies were affected either negatively or very negatively by the crisis. ^[0]
69% of companies were expected to decrease ad spend in 2020. ^[0]
Ad spends were down 9% on average across Europe, with Germany and France falling by 7% and 12% respectively. ^[0]
Google’s ad revenue declined by more than 5%, the first drop in the company’s 16. ^[0]
Most business categories saw more than 10% growth in their online customer base. ^[0]
10% of businesses began using chatbots and web based customer communications as a result of the crisis. ^[0]
People can easily account for 70% of your company’s spending. ^[0]
36% of full time British employees say a pay decrease or pay freeze in 2019. ^[0]
Notably, the gender pay gap for full time UK employees is 8.9%. ^[0]
This has only dropped 0.6% since 2012. ^[0]
17% of small businesses commit 6 10 hours per month on payroll, while 11% spend more than 10 hours every month. ^[0]
54% of the American working population 82 million people are impacted by payroll problems. ^[0]
In one study, 20% of employers rely on spreadsheets to manage attendance, as opposed to more advanced modern tools. ^[0]
Only 39% of organizations use a cloud. ^[0]
Automation helps businesses reduce payroll costs by up to 80%. ^[0]
But only 6% of companies in one survey stated they already use process automation in their payroll processes. ^[0]
And those little errors add up 35% of an average HR team’s time is dedicated to payroll and error correction. ^[0]
In one survey, 77% of respondents said the opportunity to telecommute sometimes would make them more likely to sign a job offer. ^[0]
86% of U.S. employers give financial incentives to employees who participate in well being programs, with an average incentive of US$784. ^[0]
Employers increased spending on training in 2017, up nearly 2% to $1,296 per employee. ^[0]
According to the U.S. Small Business Administration, most small businesses cost $2,000 to $5,000 to launch. ^[0]
“You can operate a website for less than $100 a month, while operating a restaurant is more likely to cost at least $10,000 a month.”. ^[0]
40% of small businessowners state that bookkeeping and taxes are the worst part of owning their business. ^[0]
28% of small businesses report spending more than US$10,000 per year on taxes, legal fees, and associated costs. ^[0]
The average spend on legal fees for companies is 0.38% of total revenue. ^[0]
In 2018, 71% of B2B customers said they read blog content before buying. ^[0]
Paid search advertising spend is growing 10% yearover. ^[0]
Nearly 20% of all advertising spend worldwide goes to search platforms. ^[0]
In the United States, 38.6% of digital ad spend goes to Google, and Facebook ads budgets much up 19.9%. ^[0]
One often overlooked advertising platform Amazon reported over US$10 billion in ad revenue in 2018, up 95% from the year before. ^[0]
18% of total Facebook spend went to Instagram, with 34% of that Instagram spend on Instagram Stories. ^[0]
In one survey, 84% of CSuite executives stated that they feel that in person events are essential for company success. ^[0]
90% of respondents in this survey felt that travel was essential to business growth. ^[0]
57% of work travelers would prefer to book with a single app or tool. ^[0]
30% of those who fly for business do so every single month. ^[0]
But 62% of flyers only take wing once a year. ^[0]
This number is projected to grow 118% by 2020. ^[0]
The average company changes its subscription stack by 43% every year. ^[0]
Artificial intelligence is likely to grow even further, hitting more than US$52 billion in 2021. ^[0]
Cloud based sales CRMs now account for 84% of spending on sales CRM deployment. ^[0]
Global R&D spending is now almost US$1.7 trillion per year, with 80% of that coming from just 10 countries. ^[0]
71.5% of American R&D spending comes from businesses. ^[0]
In Germany that number is 67.7%, in France it’s 63.6%, and in the U.K. 65.1%. ^[0]
Countries in the European Union spent more than €320 million on R&D in 2017 2.07% of total GDP. ^[0]
Between 36 and 42 percent of digital ads, for example, traditionally haven’t met basic “viewability standards,” either because they appear “below the fold” or aren’t visible long enough. ^[1]
One large retailer, for instance, found that roughly 40 percent of the customers receiving its circulars exhibited little behavior change as a result of the distribution. ^[1]
In 2018, 78 percent of companies reported having an in house agency performing functions that normally would be outsourced, up from 42 percent in 2008. ^[1]
One pharmaceutical company, for instance, worked with a benchmarking firm and found that their agency fees were 20 percent too high. ^[1]
At one financialservices company, for example, the primary creative agency was consistently earning margins of 18 to 20 percent, even though the company rated their performance as only “two out of five stars” in their year. ^[1]
Where it makes sense, this involves basing as much as 20 to 50 percent of total fees on performance and offering an extra payment of 10 to 25 percent above the base rate for exceptional work. ^[1]
When the company, with the support of its agency partner, delivered on its new account goals, the agency received an extra margin of 18 percent. ^[1]
Forty six percent of companies don’t track the cost to process expense reports, according to Tallie’s 2019 Travel & Expense Management Trends Report, and 43% still manage expense reporting manually. ^[2]
Most, 44%, of respondents are on the front lines of finance as controllers, managers or accountants. ^[2]
The report shines a light on how much businesses spend on T&E, as well as the time and cost of managing expenses from an accounting point of view For 29%, it costs $10 or less to process an expense report; 14% spend $21 or more. ^[2]
But the majority (46%). ^[2]
Finance pros say they find the most value in systems that use mobile apps to capture receipts (cited by 48%) and allow direct deposit by ACH (36%). ^[2]
Only 27% have systems that automatically flag outof. ^[2]
Despite that, Tallie reports that the 44% of companies have no plans to add dedicated expense management solutions that could automatically flag issues, saying that their current processes “work well enough.”. ^[2]
That report also states that accounting functions, like expense processing, audit, compliance and program management, on average, range from 11% to 23% of the total cost of the program. ^[2]
So if you’re spending $100,000 on T&E and are middle of the pack in terms of back end efficiency at 17%, that’s $17,000. ^[2]
For example, in the Tallie survey, 26% of respondents say their companies don’t even know whether submitted expense reports comply with their corporate policies, and only about one in four can automatically flag noncompliant reports for follow. ^[2]
’s a compound annual growth rate of 8.7%. ^[2]
And interestingly, smaller companies saw returns faster than enterprises, according to the poll For enterprises, 50% realized a positive ROI in one year or less, while 57% realized a positive ROI in two years or less. ^[2]
For small businesses, 64% realized a positive ROI in one year or less, while 71% saw a positive ROI in two years or less. ^[2]
In fact, even though overall T&E spend is down by 64%, the violation rate is up an eyepopping 207% versus pre. ^[2]
Implementing BSM practices helped top performers save more than 6% of their total addressable spending compared to the average 2 3% using traditional spend management!. ^[7]
On Contract Spend 79.6% Higher is better. ^[7]
Electronic PO Processing 99.2% Higher is better. ^[7]
First time match rate 85.8% Higher is better. ^[7]
The percentage of invoices 2 or 3 way matched with POs and receiving documents without the need for exception handling. ^[7]
Invoices paid digitally 86.6% Higher is better. ^[7]
IHS Markit’s third party risk management report evaluates how you can manage your own risk 83% believe climate volatility poses a ‘medium to significant’ risk… ^[7]
Nearly 50% of report respondents reveal their supply chain risk… ^[7]
90% of all data was created in just the last… ^[7]
For instance, 49% of businesses reviewed supplier terms and 46% reviewed customer payment terms in 2020 alone. ^[5]
Poor spend management can 100% ruin a business, especially during the challenging times we saw last year. ^[5]
Nearly three quarters (73%). ^[5]
Over one third (37%). ^[5]
Only a quarter (26%). ^[5]
Up to 47% of companies dealt with fraud in 2020 , and the lack of visibility into spending is a big reason why it happens so often. ^[5]
For example, 86% of Emburse Certify clients said that moving to an online solution with powerful visualizations helped boost productivity. ^[5]
43% of CFOs believe streamlining their company’s budgeting process with data and automation is a key to long term success . ^[5]
According to Alteryx , more than 120,000 are upskilling on their platform a testament to the increasing importance leaders are placing on data analytics skills. ^[5]
to Help Companies Save 27% on Expenses. ^[5]
The projected percent change in employment from 2020 to 2030. ^[8]
The average growth rate for all occupations is 8 percent. ^[8]
The percent change of employment for each occupation from 2020 to 2030. ^[8]
A whopping 45% of diners go out to eat multiple times a week, with another 20% going out to eat once a week. ^[6]
( Projected annual sales in the restaurant industry are $863 billion – that’s 4% of the country’s gross domestic product. ^[6]
Projected annual sales in the restaurant industry are $863 billion – that’s 4% of the country’s gross domestic product. ^[6]
( In 1955, the restaurant industry comprised 25% of the family food dollar. ^[6]
In 2019, that number rose to 51%. ^[6]
In 1955, the restaurant industry comprised 25% of the family food dollar. ^[6]
( American consumers spend 33% of their income on housing, 15.8% on transportation, and 12.6% on food. ^[6]
American consumers spend 33% of their income on housing, 15.8% on transportation, and 12.6% on food. ^[6]
( 52% of restaurant professionals named high operating and food costs as a top challenge. ^[6]
52% of restaurant professionals named high operating and food costs as a top challenge. ^[6]
( 51% of restaurant operators name staffing as a top challenge to success, and 35% say training staff is a top challenge. ^[6]
51% of restaurant operators name staffing as a top challenge to success, and 35% say training staff is a top challenge. ^[6]
( Turnover in the restaurant industry is at an all time high, at 75%. ^[6]
Turnover in the restaurant industry is at an all time high, at 75%. ^[6]
( The United States unemployment rate, as of June 2019, is extremely low, at 3.7%. ^[6]
The United States unemployment rate, as of June 2019, is extremely low, at 3.7%. ^[6]
( As a result of minimum wage increases, 47% of restaurant operators admitted they have scheduled employees for fewer hours each week in the past twelve months. ^[6]
As a result of minimum wage increases, 47% of restaurant operators admitted they have scheduled employees for fewer hours each week in the past twelve months. ^[6]
( For the same reason, 16% of restaurant operators have had to halt hiring efforts to lower labor costs. ^[6]
For the same reason, 16% of restaurant operators have had to halt hiring efforts to lower labor costs. ^[6]
( 68% of restaurants offer anemployee handbookto new hires. ^[6]
68% of restaurants offer an 32% of restaurants provide sexual harassment training to their staff. ^[6]
46% of restaurants offer a mentor program. ^[6]
53% of restaurants offer food safety and alcohol certification training. ^[6]
67% of restaurants plan to pay for social media ads in 2019. ^[6]
( 53% plan to invest in being a community event or charity sponsor. ^[6]
53% plan to invest in being a community event or charity sponsor. ^[6]
( When it comes to social media, restaurants are most likely to use Facebook (91% of restaurants) and Instagram (78%). ^[6]
Instagram has skyrocketed in popularity for restaurant promotion since last year, when only 24% reported using it. ^[6]
When it comes to social media, restaurants are most likely to use Facebook (91% of restaurants) and Instagram (78%). ^[6]
( Restaurants are least likely to use YouTube for promotions (only 14% of restaurants report using it). ^[6]
Restaurants are least likely to use YouTube for promotions (only 14% of restaurants report using it). ^[6]
( When dealing with negative online reviews or in person feedback, 23% of restaurateurs reach out directly to the person who gave the feedback. ^[6]
15% put the feedback to use when giving performance reviews to frontofhouse or backof. ^[6]
Some restaurant professionals — 2% — admitted to never taking action when receiving negative guest feedback. ^[6]
When dealing with negative online reviews or in person feedback, 23% of restaurateurs reach out directly to the person who gave the feedback. ^[6]
As a result of minimum wage increases, 65% of restaurants have increased menu prices. ^[6]
( 68% of restaurant professionals review sales reports on a regular basis, 45% regularly review labor reports, and 32% regularly review menu reports – and 17% admitted that they don’t check any of these regularly. ^[6]
68% of restaurant professionals review sales reports on a regular basis, 45% regularly review labor reports, and 32% regularly review menu reports – and 17% admitted that they don’t check any of these regularly. ^[6]
( 91% of restaurateurs expect profits to increase in 2019. ^[6]
91% of restaurateurs expect profits to increase in 2019. ^[6]
( If they had extra money on hand, 47% of restaurateurs would repair or update their equipment. ^[6]
If they had extra money on hand, 47% of restaurateurs would repair or update their equipment. ^[6]
Pent up demand for restaurants remains high, with 39% of adults not eating on premises at restaurants as often as they would like. ^[6]
( 78% of millennials say they would rather spend money on an experience, such as a restaurant or other activity, compared to purchasing an item from a store. ^[6]
78% of millennials say they would rather spend money on an experience, such as a restaurant or other activity, compared to purchasing an item from a store. ^[6]
( If offered, 41% of consumers would buy a makeat home meal kit from their favorite restaurant. ^[6]
If offered, 41% of consumers would buy a makeat home meal kit from their favorite restaurant. ^[6]
( 72% of diners ranked high quality food as the top factor that goes into choosing a restaurant to visit. ^[6]
Surprisingly, only 48% said value was their number. ^[6]
72% of diners ranked high quality food as the top factor that goes into choosing a restaurant to visit. ^[6]
( 35% of diners said they are influenced by online reviews when choosing a restaurant. ^[6]
35% of diners said they are influenced by online reviews when choosing a restaurant. ^[6]
54% of millennials say aself ordering kioskimproves the guest experience. ^[6]
a When paying for a low ticket item , 62% of guests opt to use their credit or debit card. ^[6]
When paying for a low ticket item , 62% of guests opt to use their credit or debit card. ^[6]
, 88% of guests pay with their card. ^[6]
When paying for a high ticket item , 88% of guests pay with their card. ^[6]
( 4% of restaurants offer payment through Venmo. ^[6]
4% of restaurants offer payment through Venmo. ^[6]
( Only 31% of restaurants offer mobile pay. ^[6]
Only 31% of restaurants offer mobile pay. ^[6]
( 50% of people still want printed receipts, but 36% are happy with digital receipts – and 14% don’t want a receipt at all. ^[6]
50% of people still want printed receipts, but 36% are happy with digital receipts – and 14% don’t want a receipt at all. ^[6]
31% of restaurateurs update their menu on a monthly basis. ^[6]
( 61% of diners say they are more likely to eat healthy at a restaurant than they were two years ago. ^[6]
61% of diners say they are more likely to eat healthy at a restaurant than they were two years ago. ^[6]
( To reduce food waste, 28% of restaurants repurpose food trimmings, 26% offer varied portion sizes, and 25% compost. ^[6]
To reduce food waste, 28% of restaurants repurpose food trimmings, 26% offer varied portion sizes, and 25% compost. ^[6]
( 51% of consumers say they are more likely to visit a restaurant that offers environmentally. ^[6]
51% of consumers say they are more likely to visit a restaurant that offers environmentally. ^[6]
( Diners love breakfast all day 55% say they. ^[6]
Diners love breakfast all day 55% say they’d order breakfast items at any time if they were offered. ^[6]
( To seek out guest feedback, 29% of restaurateurs use manual comment cards, another 31% ask for feedback on their printed receipts, and 25% use a rating scale in digital receipts. ^[6]
To seek out guest feedback, 29% of restaurateurs use manual comment cards, another 31% ask for feedback on their printed receipts, and 25% use a rating scale in digital receipts. ^[6]
( 73% of diners agree that restaurant technology improves their guest experience. ^[6]
73% of diners agree that restaurant technology improves their guest experience. ^[6]
( 95% of restaurateurs agree that restaurant technology improves their business efficiency. ^[6]
95% of restaurateurs agree that restaurant technology improves their business efficiency. ^[6]
Restaurateurs say credit card processing, accounting, and inventory are the most important integrations to their 61% of diners agree that server handheld tablets improve their guest experience. ^[6]
61% of diners agree that server handheld tablets improve their guest experience. ^[6]
Average annual foodat home prices were 3.5 percent higher in 2021 than in 2020. ^[9]
For context, the 20 year historical level of retail food price inflation is 2.0 percent per year—meaning the 2021 increase was 75 percent above average. ^[9]
Meat and fish prices rose most sharply; beef and veal prices increased 9.3 percent, pork prices increased 8.6 percent, fish and seafood prices increased 5.4 percent, and poultry prices increased 5.1 percent in 2021. ^[9]
Fresh fruit prices also increased by 5.5 percent in 2021. ^[9]
From 2017 to 2021, the allfood CPI rose 11.1 percent, which is higher than the all. ^[9]
Food price increases were below the 11.7percent rise in housing costs and the 14.4 percent increase in transportation costs. ^[9]
The average farm price of these crops, weighted by total production, regularly rises or falls by more than 10 percent from year to year. ^[9]
For example, in 2011, the production weighted price of these crops increased by 43 percent, but food prices rose 4 percent. ^[9]
Over the past 2 decades, motor fuel and household energy prices have experienced double digit, annual price swings, while food prices have posted annual increases of between 0 and 6 percent, for an average, annual increase of 2.4 percent. ^[9]
This resulted in foodat home spending accounting for 51.9 percent of total food expenditures, the first year it has accounted for more than half of food spending since 2008, during the Great Recession. ^[9]
In 2020, U.S. consumers spent an average of 8.6 percent of their disposable personal income on food—divided between food at home and food away from home. ^[9]
In 2020, the share of disposable income spent on total food decreased by 10.1 percent. ^[9]
In 2020, households in the lowest income quintile spent an average of $4,099 on food , while households in the highest income quintile spent an average of $12,245 on food. ^[9]
Highincome countries such as the United States and the United Kingdom have higher food spending in absolute terms, but the share of household consumption expenditures devoted to at home food is low—less than 10 percent. ^[9]
In Kenya and other lowincome countries, at home food’s share of consumption expenditures can exceed 50 percent. ^[9]
According to the most recent available data, U.S. per capita calorie availability was among the highest at 3,682 calories per day, while Kenya’s was estimated at only 2,206 calories. ^[9]
However, many companies establish different levels of urgency related to budget variance; a budget item running 1.2% over budget is a problem, but not quite the crisis that one running 22% over budget might be. ^[10]
3.0% Utilities $100,000 $118,000 $18,000 18.0% $10,870,000 $11,278,000 $408,000. ^[10]
Quarterly Budget Production Overhead Costs Salaries 5.0%. ^[10]
Insurance 12.5% Maintenance 3.0% Utilities. ^[10]
Why utilities variance is so high at 18%. ^[10]
However, one area of variable cost—utilities—is significantly out of plumb with its forecasted amount at 15.3%. ^[10]
Q1 Actual Variance Units Produced 1,000 1,100 100 10% Production Time Per Unit. ^[10]
Per Hour $40 $53.64 $13.64 34% $100,000 $118,000 $18,000. ^[10]
Units Produced 10% Production Time Per Unit. ^[10]
We get the actual utilities cost by adding 100% to each figure. ^[10]
Unit variance is 110% of the forecasted value. ^[10]
Production Time Variance is 98% of the forecasted value. ^[10]
Utility Cost Per Hour is 134% of the forecasted value. ^[10]
Multiplying these values together provides us with the actual utility costForecasted Utility Cost x 110% x 98% x 134% =. ^[10]
Actual Utility Cost $100,000 x 110% x 98% x 134% = $144,452.00. ^[10]
11min read 93% of customers read online reviews before buying a product. ^[11]
91% of 18 34 year olds trust online reviews as much as personal recommendations, and 93% of consumers say that online reviews influenced their purchase decisions. ^[11]
Nearly all consumers (97%). ^[11]
Positive reviews remain a key way for companies to sell their product, with customers willing to spend 31% more on a business with excellent reviews. ^[11]
92% of B2B buyers are more likely to purchase after reading a trusted review. ^[11]
Appearing higher in search engine rankings Online customer reviews gain more weighting (6.47%). ^[11]
It’s true that 89% of consumers read businesses’ responses to reviews, so they will be watching how you react. ^[11]
Harvard Business Review found that a bad reputation costs a company at least 10% more per hire. ^[11]
According to Google/Nielson , 93% of people who use mobile to research go on to complete a purchase of a product or service. ^[11]
49% of consumers depend on influencer reviews and recommendations, so find someone that reflects your brand and can connect with your target audience. ^[11]
According to a recent Logistics Management annual survey of logistics and supply chain salaries based on 687 respondents, the average supply chain manager salary dropped from $129,000 to $117,000. ^[12]
Earning an advanced degree in supply chain management or logistics prepares you to enter into a highly developed industry, projected by the United States Bureau of Labor Statistics to grow 22% between 2012 and 2024. ^[12]
The earners in the bottom 10% make an average of $32.04 an hour or $66,630 a year. ^[12]
Those in the top are earning $87.87 an hour or $182,780 a year, according to data from the BLS. ^[12]
59% of US adults use Instagram daily 91% of active Instagram users. ^[3]
say that they watch videos on the platform weekly 50% of Instagram users. ^[3]
92% of users say that they’ve acted in the moment after seeing a product on Instagram. ^[3]
, that’s 36% of the world’s population of the world’s total internet users. ^[3]
use Facebook monthly 66% of Facebook users log onto the site daily Demographics 56.5% of Facebook users worldwide are male, 43.5% are female Almost 20% of Facebook’s worldwide users are. ^[3]
0.7% of users are unique to the platform , meaning that this cohort only uses Facebook to quench their social media thirst 50% of Facebook users also use Twitter. ^[3]
The average US user spends 34.6 minutes per day Facebook has experienced 3% growth in site traffic , year over year. ^[3]
The channel boasts an average of 23.7 hours per month spent on the video platform 81% of Americans 36% of American adults say that they visit YouTube several times a day 99% of YouTube users are regularly checking Digital Trends Report. ^[3]
2024 Demographics 80% of parents say that their children watch YouTube 54% of YouTube users are male, and 46% are female most popular in India , closely followed by the US and Indonesia Usage People spend an average of 23.7 hours per month. ^[3]
70% of viewers bought from a brand after seeing it on YouTube Ads targeted to users by intent earn 100% higher lift in purchase intent. ^[3]
Users Pinterest’s MAUs peaked at 478 million in Q1 2021 but fell to 444 million in Q3 2021 and dropped to 431 million by Q4 2021 86 million people in the US use Pinterest monthly 28% of Americans. ^[3]
Demographics Gen Z using Pinterest has increased by 40% YOY 45% of Pinterest’s US audience earn more than $100,000 in household income 77.1% of Pinterest users. ^[3]
are women, 14.8% are male, and 8.4% would rather not say Source. ^[3]
86% of Pinterest users also use Instagram, which isn’t surprising given the visual nature of both channels 97% of top searches on Pinterest Almost 11% of Internet users between the ages of 16 64 use online pinboards for brand research. ^[3]
Users 810 million people across the world use LinkedIn As of March 2021, 25% of US adults are on LinkedIn Source. ^[3]
LinkedIn ads reach just over 10% of the world’s population. ^[3]
Ads on LinkedIn reach 42.8% of women and 57.2% of men. ^[3]
Year on year growth for DAUs has been 20% over five consecutive quarters 23% of American adults use Snapchat. ^[3]
Demographics 75% of millennials and Gen Z. ^[3]
Users Users spend an average of 19.6 hours per month 20% of American adults TikTok downloads via the App Store grew by 6% in 2024 Also, in 2024, TikTok boasted approximately 29.7 million daily active users via iOS devices worldwide Source. ^[3]
Statistica American adults hold TikTik in high regard, with 36% saying that they hold a favorable opinion about the app Source. ^[3]
The videosharing app comes in 6th position in a list of the world’s most used social media platforms Almost 84% of TikTok’s audience also use Instagram. ^[3]
The most followed brand account is TikTok’s own channel 63% of TikTok ads with the highest CTR put their message upfront. ^[3]
Vertical TikTok videos shot have a 25% higher watch. ^[3]
Even today, an average employee wastes 26% of their day doing repetitive tasks and working with older technology. ^[13]
Additionally, 48% of workers feel they would work more productively with new tools and technologies. ^[13]
Cost savings of up to 20% Predict disruptions Low labor costs. ^[13]
IDC research shows businesses lose 20% to 30% of their revenues due to inefficient processes. ^[13]
In short, a spend management tool can help you boost your revenues by at least 20% to 30%. ^[13]
TikTok is the fastest growing social network with a staggering105% user growth ratein the US over the past two years. ^[4]
Instagram sits in second place (78%). ^[4]
Facebook is responsible fora quarter of(25%) versus Google (28.9%), Amazon (10.3%) and others (35.6%). ^[4]
Instagram dominates social streaming services in terms of engagement . ^[4]
Engagement rates on Instagram are approximately more thansix times higherthan those on Facebook (0.83% to 0.13%). ^[4]
Instagram Stories (83%) and grid posts (93%). ^[4]
Uses of the “#ad” tag on Instagramdecreased 17% over the past yearamong influencers. ^[4]
44% of usersshop for products on Instagram weekly . ^[4]
Linkedin ad revenue recently exceeded$1 billion in 2021, growing by 37% while organic session engagement grew by a record 22%. ^[4]
the platform daily (versus 48.5% that log in monthly). ^[4]
LinkedIn has one of the highestearning and most educated bases on social media —51% college educatedwith half of users earning more than $75,000 annually. ^[4]
earn53% more engagementand twice the CTR of employee. ^[4]
52% of Twitter usersuse the platform daily (versus 84% that use it weekly). ^[4]
Twitter’s US advertising revenue totaled $647 million in Q3 2021, anincrease of 51% YoY(and up 98% from the previous quarter). ^[4]
Shoppers on Pinterest have85% larger shopping cartsthan buyers on other platforms. ^[4]
According to the platform themselves,7 in 10 Pinnerssay that Pinterest is their go to place to find products or services they can trust. ^[4]
are40% more likelyto say they love shopping. ^[4]
62% of TikTok userssay that platform specific branded content is the best way to connect to customers. ^[4]
39% of Gen Z consumerssay that their purchasing decisions are influenced directly by what they see on TikTok. ^[4]
TikTok sawthe largest increasein planned new platform investment for brands in 2024 (84%) versus YouTube (66%) and Instagram (64%). ^[4]
Influencers withless than 5k followerssee the highest engagement rates on TikTok (17.9%) vs macro influencers with up to 1 million followers (13.48%). ^[4]
Social media recently overtook paid search as an advertising channel,growing 25% YoYand exceeding $137 billion. ^[4]
Social media usersoverwhelmingly trust other usersas their “preferred” form of influencer, most likely to buy from them based on a product recommendation (37%) versus celebrities (7%). ^[4]
Privacy and data protection are “extremely impactful” and important to52% of social media users. ^[4]

I know you want to use Spend Management Software, thus we made this list of best Spend Management Software. We also wrote about how to learn Spend Management Software and how to install Spend Management Software. Recently we wrote how to uninstall Spend Management Software for newbie users. Don’t forgot to check latest Spend Management statistics of 2024.

Reference

spendesk – https://blog.spendesk.com/en/company-spending-statistics.
mckinsey – https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/an-essential-marketing-tool-in-a-downturn-spend-management.
netsuite – https://www.netsuite.com/portal/resource/articles/financial-management/expense-management-industry-trends.shtml.
hootsuite – https://blog.hootsuite.com/social-media-statistics-for-social-media-managers/.
sproutsocial – https://sproutsocial.com/insights/social-media-statistics/.
chromeriver – https://chromeriver.com/blog/the-path-to-better-company-spend-management-4-spend-data-analytics-trends.
toasttab – https://pos.toasttab.com/blog/on-the-line/restaurant-management-statistics.
procuretech – https://www.procuretech.co/reports/coupa-the-2021-business-spend-management-benchmark-report/.
bls – https://www.bls.gov/ooh/business-and-financial/management-analysts.htm.
usda – https://www.ers.usda.gov/data-products/ag-and-food-statistics-charting-the-essentials/food-prices-and-spending/.
planergy – https://planergy.com/blog/statistical-analysis-in-budget-reporting/.
qualtrics – https://www.qualtrics.com/blog/online-review-stats/.
planergy – https://planergy.com/blog/supply-chain-management-salaries/.
meshpayments – https://meshpayments.com/blog/spend-management-software-for-business/.

How Useful is Spend Management

One of the main reasons why spend management is so important is its ability to identify and eliminate waste within an organization. By closely analyzing spending patterns and identifying areas where money is being spent unnecessarily, businesses can make informed decisions about where to cut costs, streamline operations, and increase overall efficiency. This not only helps to reduce unnecessary expenditures but also ensures that resources are being allocated in the most effective way possible.

Another key benefit of spend management is its ability to improve decision-making processes within a company. By having a clear understanding of where money is being spent and how it is impacting the overall financial health of the business, organizations can make more informed decisions about everything from budgeting and resource allocation to pricing strategies and vendor negotiations. This can lead to a more strategic approach to business management, where every decision is tied back to the company’s financial goals and objectives.

In addition, effective spend management can also help businesses to identify new opportunities for growth and expansion. By closely monitoring spending patterns and analyzing the impact of different investments, companies can identify areas where additional resources could be allocated to drive growth and increase revenue generation. This can open up new avenues for expansion and diversification, helping businesses to stay competitive in an ever-changing market environment.

Moreover, spend management can also help to improve overall operational efficiency within a company. By streamlining processes, eliminating redundancies, and reducing unnecessary expenditures, businesses can operate more efficiently, which can lead to higher levels of productivity and profitability. This can have a positive impact on a company’s overall performance, allowing it to achieve its business objectives in a more cost-effective manner.

Overall, spend management is an invaluable tool for businesses looking to improve their financial health, increase profitability, and drive overall growth and performance. By taking a strategic approach to managing spending and making informed decisions about resource allocation, companies can position themselves for long-term success and sustainable growth in today’s competitive business environment. It is essential for organizations to prioritize spend management as a core aspect of their overall business strategy, in order to ensure financial stability, efficiency and long-term success.

In Conclusion

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Spend Management Statistics 2024 – Everything You Need to Know