According to the recently released Performance Marketing Association (PMA) 2025 Industry Study, affiliate marketing is experiencing explosive growth as a profitable strategy for customer acquisition and retention.
The comprehensive study, which draws data from leading affiliate networks, thousands of merchants, and over 50 publishers, paints a clear picture of an industry experiencing significant growth and fundamental change.
The findings of the PMA Study echo what we’re seeing firsthand at Everflow. We’re seeing more brands investing in affiliate programs, utilizing smarter strategies to drive higher consumer value, and using advanced technology to improve tracking and transparency. Right now, affiliate marketing is earning its place as a cornerstone of modern marketing strategy.
For businesses looking for scalable, performance-based growth in today's post-arbitrage digital advertising era, these findings underscore the sustainable power of affiliate marketing.
The PMA Study highlights several compelling trends that every performance marketer should be aware of. Here, we explore some of its core insights:
1. Affiliate Marketing Hits $13.63 Billion: A Nearly 50% Growth Surge
The PMA Study reveals an impressive 49.8% increase in affiliate marketing spend, jumping from $9.1 billion in 2021 to $13.63 billion in 2024. This 14% compound annual growth rate significantly outpaces the growth of broader digital advertising sectors. What’s especially compelling: this expansion is no longer confined to retail and e-commerce. More brands in verticals like finance, travel, and telecom are embracing affiliate partnerships to drive performance and scale customer acquisition.
Why it matters: Performance marketing is no longer niche - it’s mainstream. Brands are realizing that affiliate offers a low-risk, high-reward strategy that goes far beyond traditional coupon deals.
2. Unmatched ROI: $8 in Revenue for Every $1 Spent
Affiliate marketing’s return on ad spend (ROAS) continues to outshine most other digital channels. In 2024, affiliate programs drove $113 billion in e-commerce sales, equating to an average of $8 for every $1 invested. Retail brands saw even greater efficiency, with $11 in revenue per dollar spent, as well as travel, which topped the charts with $19 in revenue per dollar spent.
Why it matters: When budgets are tight, marketers need to double down on what works and show quick results. Affiliate offers not just clicks, but high-intent conversions, making it one of the smartest bets in a brand’s long-term growth strategy.
3. The Rise of Loyalty and Cashback: A Consumer-Driven Shift
There’s a major shift in affiliate spend with cashback, loyalty, and rewards partners now accounting for 35% of total spend. This reflects a deeper consumer trend: buyers are looking for long-term value over one-time discounts. In contrast, coupon sites’ share has declined from 16% to 10%, indicating that loyalty-based offers are capturing more sustained, intentional purchasing behavior.
Why it matters: This data gives brands the opportunity to rethink their affiliate mix. Reward-driven engagement, especially through card-linked offers and loyalty platforms, builds better lifetime value than last-minute discounts.
4. Content Creators Gain Ground, "Buy Now, Pay Later" Soars
The publisher landscape is shifting, with smaller content creators and niche bloggers gaining ground. Google’s algorithm updates have deprioritized affiliate-heavy content farms in favor of authentic voices and useful media. At the same time, Buy Now, Pay Later (BNPL) affiliate programs have surged to 45% of total spend, up from 37%. These partners not only facilitate transactions, they actively drive new customer acquisition through their financial services.
Why it matters: It’s not just about where traffic comes from, it’s about who’s sending it. Brands investing in authentic content creators and value-based BNPL partnerships are seeing better engagement, conversions, and long-term trust.
5. Optimism Amidst Tracking Challenges: The Need for Transparency and Reliability
Only 54% of publishers say they’re confident in the accuracy of their affiliate tracking, and just 2% feel “very confident.” Despite this, industry optimism remains strong, with the same percentage (54%) feeling positive about the future of affiliate marketing. As the space matures and brands shift away from volatile arbitrage strategies, demand is growing for accurate, transparent attribution tools.
Why it matters: For affiliates to succeed and scale, they need trustworthy platforms that ensure every click and conversion is tracked. That’s where platforms like Everflow play a critical role with reliable, real-time insights.
The 2025 PMA Study is a clear signal that affiliate marketing has moved from the sidelines to the strategic core. With rising consumer expectations, expanding verticals, and a demand for authentic value, the affiliate model is now more than ever uniquely positioned to deliver scalable, high-performing results.
Looking Ahead: Partnering for Performance in 2025 and Beyond
As the industry continues to evolve, the importance of reliable tracking, diversified partnerships, and a deep understanding of consumer behavior will only increase. Everflow helps brands harness these trends through a platform designed for full control, deep insights, and seamless partner management. Our robust tracking and reporting tools ensure your performance campaigns are accurately attributed and that your top partners stay motivated to drive even more value.
Ready to evolve your affiliate strategy for 2025 and beyond? Get started today.
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