Day three at the Goafest included a very interesting session on Gen Z and how their habits and thought process affect brands. The session was delivered by Utsav Chaudhuri, the head of marketing at YME, Viacom18. MTV Youth conducted a study that provided some very interesting and useful facts about Gen Z and how different they are from the generations that preceded them.
According to the study, 70 percent of Gen Z are not afraid to test out various career fields. If they realize that they haven’t chosen the right field for themselves, they are open to trying something different and adapting as they go. A new term has been floated ever since Gen Z took over social media. Side hustles are small jobs that Gen Z does, which highlight their hobbies, skills, and interests. According to Chaudhuri, there are two main reasons behind Gen Z wanting to take up a side hustle. One, they want to do something that helps them follow and/or find their passion. Two, they don’t really know what defines a stable career.
“Gen Z is not a generation of revolutionaries; they are a generation of evolutionaries,” said Chaudhuri. According to the study, Gen Z believes that regular jobs are on the downhill. Passions, interests, and hobbies are moving uphill to eventually take center stage. While the previous generation, the millennials, used to do hobbies for recreation, Gen Z does it for monetization. Gen Z doesn’t like to cultivate hobbies that don’t provide any material gain. Corporate jobs are the real side jobs, whereas side hustles are the real deal until they make it big.
Social media is the biggest platform for them to build on their hobbies. It provides a platform for them to pursue their hobbies and passions, build a community for themselves, and earn good money from it. Money is of paramount importance. The study shows that post-pandemic, Gen Z has understood the value of money and how to actively save and invest it.
Educational institutions and academic achievements are no longer the only way to achieve success. You need to be street smart, put in hard work, and do it smartly. That’s what Gen Z understands.
Overall, it is to be understood that Gen Z is very different from every generation that came before them. They think differently, they do differently, they hold the power to influence, and they don’t act on anything until they believe in it. It will be interesting to see how various industries such as films, fashion, tech, F&B, and many more adapt to the Gen Z ways.