Affiliate Marketing in 2025: Growing Fast, Performing Stronger
The wait is finally over! The Performance Marketing Association (PMA) has unveiled the results of their long-awaited industry report, and LinkConnector is excited to share a some key takeaways. This newly-released study, three years in the making, captures the evolving state of affiliate marketing in the United States. The picture it paints is one of strong growth, healthy performance, and undeniable momentum.
At LinkConnector, we were honored to participate as both a sponsor and data contributor to the 2025 report. Being part of this collaborative effort is not only a privilege–it aligns with our belief in the importance of industry transparency and shared growth. As proud PMA members, we applaud their dedication to advancing the performance marketing ecosystem through research, education, and advocacy.
The Data is In: Affiliate Marketing is Booming
The affiliate channel isn’t just growing—it’s outpacing the broader digital landscape. Consider this:
- Affiliate marketing spend reached $13.63B in 2024, a 49.8% increase from 2021. The 14.4% Compound Annual Growth Rate (CAGR) is nearly twice the pace of U.S. ecommerce overall, which grew at 7.84% CAGR over the same period.
- The investment helped drive $113B in ecommerce sales, equating to 9.4% of total U.S. ecommerce—a remarkable share for a channel that often operates behind the scenes.
- The affiliate model continues to prove its efficiency. Return on Ad Spend (ROAS) for Retail remains strong at $11 per $1 spent, and for Travel, ROAS soars to $19, per $1 spent!
Our take: This kind of performance reaffirms what we’ve long seen at LinkConnector—brands increasingly prioritize affiliate marketing not just for incremental gains, but as a core driver of profitable growth. It’s no longer the “test and see” channel—it’s an anchor.
Shifts Across Verticals & Publishers
One of the most fascinating trends in this year’s report is the continuing evolution of the affiliate marketing landscape:
- Retail still commands the largest share (63%), but Finance, Travel, and Telecom are quickly gaining ground. Travel’s resurgence is especially notable, with revenue share doubling to 19%, signaling a full bounce-back, post-COVID.
- Within Retail, Clothing & Accessories continues to dominate, now accounting for a third of ad spend and 38% of Retail revenue.
- Bloggers have overtaken major media outlets in content affiliate spend, suggesting a shift in influence—possibly driven by algorithm changes and trust in more niche, authentic voices.
- Meanwhile, Buy Now, Pay Later (BNPL) tech affiliates surged to 45% of tech-related ad spend, reflecting how affiliate marketing is integrating with emerging consumer finance tools.
Our Take: Brands are diversifying their affiliate playbooks. Influencer-driven content, fintech partnerships, and tech-driven shopping enhancements like BNPL are becoming strategic levers. And with ROAS remaining high, performance-based channels are proving they can adapt and thrive across verticals.
Publisher Sentiment: Challenges Present, But Optimism Wins
Yes, the report highlights some headwinds—privacy laws, tracking concerns, and Google algorithm volatility are top of mind for many publishers.
But there’s a bright spot: publishers are three times more likely to be optimistic than pessimistic about the future. Over half say they’re likely to experiment with new promotional models, from cashback and coupons to search engine marketing (SEM) and AI-driven discovery.
Our Take: We see this as a hallmark of affiliate marketing’s resilience. Our industry was built by innovators and scrappy entrepreneurs, and that spirit hasn’t changed. It’s driving the channel forward even as the digital landscape shifts.
Want the full picture?
This is just the tip of the iceberg. There’s so much more to explore in this report—from ROAS by sub-sector to investment by affiliate type. If you’re an advertiser, affiliate, or simply curious about where performance marketing is headed, this study offers invaluable perspective. Click the button below to request your copy of the full report.
A BIG thanks again to the Performance Marketing Association for championing this important work—and to our fellow networks, publishers, and partners for contributing to such a comprehensive view of the channel we love.
To learn more about the amazing things that the Performance Marketing Association is doing for our industry,and to explore membership opportunities, click here. LinkConnector is ecstatic about the state of affiliate marketing, and we’re excited to continue growing, together.