A look at notable findings from the Receipt network – from Web3 to Fashion.
From how we work to how we style our favorite brands, we brought Gen Z’ers from around the world together to understand how these up-and-coming consumers, influencers, and trendsetters will impact the world of media and business for years to come.
As we approach 2023 and Gen Z’s purchasing power continues to grow, we wanted to shout out some of our fave qualitative and quantitative research findings from 2022 that helped us shape our understanding of young consumers.
Case 1: Gen Z putting in work
Our quantitative analysis of how Gen Z is getting educated, searching for jobs, loving what they do, and parting ways with a role revealed some interesting insights about our role in the workforce.
Most notably, we found Gen Z is driven by passion for what they do. Nearly 40% of respondents felt the impact of their work to be the most fulfilling part of their work experience. This was nearly double the number of respondents who chose compensation (22%).
Our fulfillment at a given job or role translates to whether we stay or go. 30% of respondents would leave an organization for poor work culture or work-life balance and 25% would leave if they felt a lack of passion for the work (26%). In many ways, these preferences inherit the values brought by generations preceding us, but we’ve taken the need for meaningful work to new levels.
To read the full report titled Analyzing the Changing Workforce of Young, Highly Engaged Employees, please click here.
Case 2: Gen Z and Web3
As the world of decentralized technology continues to grow in conversation, we wanted to know Gen Z’s take on all the chatter. Turns out, Gen Z is still largely unfamiliar with the world of Web3. 37% of respondents had never heard of the term, and 21.6% were very unfamiliar.
However, this doesn’t mean we aren’t willing to invest in the unknown. Born into a digital world, we understand how vital technology is in all parts of our lives and investing is no different.
Gen Z is most likely to invest in cryptocurrency (33.2% were likely or very likely to invest). This is also the most familiar digital investment type among respondents (68.2%), closely followed by NFTs (65.8%).
The future of blockchain technology may not be certain, but the values and use-cases for this tech align with Gen Z’s existing values and behaviors, now it’s just about spreading awareness and education to make these tools more accessible.
“1 of every 2 people on Earth is expected to be a blockchain user by 2030 at the current growth rate, which is the fastest technological adoption ever. Imagine when we look back at how we’ve used Web3 as a tool to help fulfill sustainable development goals. People want to have fun, and be seen, heard, and belong along the way of making an impact. I personally cannot wait for Web3, and all of the collaboration and innovation across civil society that’s to come,” said Justin Markell, 34, Partner and Chief Strategy Officer at Socialstack.
The full report titled WebZ: A decentralized generation divests will be available for purchase soon, along with some publicly accessible findings. Be on the lookout!
Case 3: All things Gen Z Fashion
In October, we partnered with Business of Fashion, the leading digital authority on the global fashion industry, on their report ‘Gen-Z and Fashion in the Age of Realism.’
Among nearly 1,000 quantitative and qualitative respondents brands like Nike, Adidas and Gucci have built the strongest audience with Gen Z. Our generation isn’t big on luxury, and Gucci was the only luxury brand to appear in the top 10 list of fave brands. Being early in our careers and holding the least wealth of any generation could contextualize this finding.
We learned that identity and fashion are often wrapped up in one. 89% of Gen Z rate fashion as important for boosting confidence, and 82% say fashion is important for establishing their identities. For us, fashion goes beyond trends and into who we are.
To purchase the full report titled Gen-Z and Fashion in the Age of Realism, please click here.
Case 4: Couch Surfing, Gen Z Housing
Now we know we need to make crashing on our parents’ couch cool again because Gen Z’s living situation has room for improvement.
65% of our Receipt Network is currently living with family or relatives, and living independently has proven to be a challenge. For those who have opted to take on that challenge, they’re spending an average of 40% of their income to do so.
Merely 4% of respondents reported living independently without roommates, and they spend over half of their income on housing in 5 out of 6 cases.
Signs are pointing to Gen Z bearing an undue burden in terms of cost of living and housing that impacts our generation on a day-to-day basis. We are living beyond our means in order to live independently, often with several roommates, in a city or town with opportunities to grow our career.
To read the full article titled Can I crash at your place? please click here.
Case 5: Is TIkTok the New Google for Gen Z?
There has been a narrative circling around that young people are using TikTok and other social media networks in lieu of traditional search engines like Google. This is a bold claim, so we decided to put it to the test ourselves.
When we asked The Receipt, “where do they find information on current events and news?” 23% said they got this through TikTok and another 22% said they got their information through Instagram. Similarly 22% of the Receipt Network discovered health-related information on TikTok, 82% of them went to a major search engine to seek additional information on the topic.
This could suggest a tandem approach to finding and verifying information including news, health, and current events. Respondents seem to be finding information on social media and looking to other sources (search engines or other social media sites) to corroborate the narrative they’re seeing.
So, our POV is that TikTok is not the new Google, but it is still defining the type of searchability it wants to have.
To read the full article titled Is TikTok the new Google?, please click here.