US Sales Through Affiliate Hit $113B as Investment Jumps 49%

US affiliate marketing drove a record $113 billion in ecommerce sales in 2024, according to a study from the US-based Performance Marketing Association. The report revealed that advertisers invested $13.63 billion in affiliate spending, representing a 49% increase since the last PMA report for 2021. US affiliate investment has surged 14.45% annually, nearly double the rate of overall US ecommerce growth.

The US-based Performance Marketing Association (PMA) partnered with independent research firm London Research to produce the study, drawing data from eight leading affiliate networks: Ascend by Partnerize, Awin, CJ, Everflow, LinkConnector, Partnerize, Rakuten Advertising, and ShareASale. More than 50 publishers spanning the full spectrum of affiliate types and sizes—from major media companies and bloggers to cashback sites and influencers—contributed additional data and insights to ensure the study captured the entire performance marketing ecosystem. 

The analysis shows that 9.4% of total US ecommerce sales were driven by affiliate. Among the brands that invest in affiliate marketing, the channel is estimated to drive 15% of total sales. American companies now spend more than twice as much on affiliate marketing as they did in 2018, when the total investment was $6.2 billion. The channel drove an average $11:$1 ROAS,

More Industries Increase Affiliate Investment

Based on the PMA Industry Study 2025 data, here’s a summary of the share of total spend by advertiser category:

Retail’s Crown Slips, But Stays On Top. Retail’s share of total category investment has decreased from 76% in 2021 to 63% in 2024. While retail spend continues to grow, other sectors are experiencing even faster growth. Queen Retail continues her reign, but she’s probably beginning to look over her shoulder.

Financial Services Shows Publishers the Money. Finance has emerged as the second-largest sector, growing from 12% to 15% of total spend. That’s a 25% increase that reflects the sector’s expanding embrace of performance marketing. Turns out, money people really do know how to make money.

Travel Soars 80%. Travel has nearly doubled its market share, surging from 5% to 9% between 2021 and 2024. This 80% growth represents a strong recovery from pandemic impacts and demonstrates travel brands’ renewed confidence in affiliate marketing. Revenge travel meets revenge spending.

Telecoms Double Down. The Telecoms sector has shown remarkable growth, more than doubling from 3% to 7% of total spend. This shift suggests that telecommunications companies are getting the message that affiliate marketing is effective for customer acquisition.

Publishers Face Major Changes

Publishers have seen big changes in how companies spend money: 

Cashback & Loyalty: Still on Top. Cashback, Loyalty, and Rewards sites have held their share of spend steady at 35% of total spend. Like that friend who always knows where to find the best deals, they’ve proven their value and staying power.

Coupon Sites Take a Haircut Coupon, Voucher, & Rebate Websites saw their slice shrink from 16% to 10%—a 37% drop. 

Content Creators Keep Climbing. Content affiliates grew from 15% to 16%, proving that good storytelling still sells stuff. Within this category, bloggers are having their moment, jumping from 34% to 42% of content spend while major media companies slipped from 46% to 35%. 

Tech Solutions Get Their Due. Technology Solutions grew from 5% to 7% of spend. Buy Now, Pay Later leads this charge, accounting for 45% of tech spend (up from 37%).

Comparison Sites Strike Gold. Comparison Websites tripled their share from 2% to 6%, riding the wave of inflation-conscious consumers who always read the fine print and compare prices.

Social/Influencer/Creator: The Steady Climb. The spending share for this category increased from 8% to 9%. However, the study notes that this figure is likely conservative, as most influencer programs are tracked and measured outside traditional affiliate networks. 

The bottom line? Publishers who help consumers make smarter decisions (rather than just pushing discounts) are winning the affiliate marketing evolution.

Publishers Concerned About Google Moves

American affiliate publishers are concerned about platform algorithm changes, despite remaining optimistic about their business prospects. Survey data shows publishers are more than three times more likely to express optimism (54%) than pessimism (17%) about their growth prospects.

Publishers remain positive despite worrying about Google’s algorithm changes. 52% express being “very concerned” about these impacts. The resilience of publisher sentiment suggests that the entrepreneurial spirit and adaptability of American affiliate marketing continue to drive innovation and growth.

They are also aware of the threat that issues with racking consent bars may pose to their partnership revenue. 55% are concerned about this challenge, and 17% are very concerned. 

Get a Copy Now

American brands – and marketers everywhere – increasingly want accountable, performance-driven marketing approaches. Affiliate marketing’s proven effectiveness and measurable results will ensure continued growth and importance in the world’s largest digital commerce market.

There’s a lot more data and insight in this major research study — the first one for the US market in three years. Affiverse readers can download the entire PMA report without charge on the PMA website.