Research by Roth Capital Partners has found that celebrity endorsements actually have a negative impact on brand perception. The study asked US millennials to rate how much more likely they were to buy a product if a celebrity endorsed it. Only 22% said they were more likely to buy the product. In contrast, 46% said a celebrity endorsement would make them less likely to buy it, and 32% said endorsements had no impact on their decision to buy. The study also found that the phenomenon applies to influencers. Almost 40% of US millennials said that paid endorsements eroded the credibility of the influencer.