While there are a myriad of behaviours and beliefs that heavily influence GenZ’s social media practices and economic decisions, there are a select group of specifics that reign supreme—especially with respect to key economic sectors.
Cheyenne Hunt, J.D. believes it is essential to advance a cross-generational understanding of the driving forces behind the post-millennial culture and economy in order for industry to establish best practices and move forward in a meaningful and impactful way.
Hunt is an iGen authority, policy advocate and attorney specializing in advocacy and tech policy, Cheyenne also currently serves as a Big Tech Accountability Advocate with Public Citizen.
Hunt has outlined the important economic sectors that GenZ currently dominate for Digital Journal:
TikTok Turmoil
Hunt explains: “Amid the President’s signature, the TikTok ban has now become law. This is yet another example of bad, reactionary tech policy coming from our lawmakers who clearly misunderstand the issue they’re trying to solve. A ban on a single app does nothing to fix the serious national security threat posed by our lack of comprehensive data security legislation in this country, leaving us vulnerable to foreign adversaries across the entire Internet and every other social media app.”
Social Media Economy
With social media, Hunt observes: “GenZ is highly active on social media and is well-versed in the workings of the social media economy. They understand the power of influencer marketing and the role of these platforms in shaping public opinion. According to research, GenZ is 59% more likely to connect with brands online than other generations. Furthermore, a report by Business Insider predicts that the global influencer marketing industry will be worth $15 billion by 2023. GenZ is poised to shape the future of the social media economy through their participation as influencers and consumers.”
Artificial Intelligence (AI) Industry
As part of the acceleration of AI applications, Hunt adds: “GenZ is highly interested in the AI industry and its potential to revolutionize various sectors, such as healthcare, education and transportation. According to a survey by Deloitte, 51 percent of GenZ respondents said they are interested in a career in technology, this includes degrees in computer and information sciences rising 38 percent from 2015 – 2019. Furthermore, a report by the World Economic Forum predicts that AI will create 58 million new jobs by 2023. GenZ is well positioned to take advantage of these opportunities and shape the future of the AI industry.”
Web3 Industry
With this area, Hunt indicates: “GenZ has a strong interest in the Web3 industry, which includes decentralized technologies such as blockchain, cryptocurrency and smart contracts. They see the potential of Web3 to create a more decentralized and transparent internet, where data is controlled by the users instead of a handful of big tech giants. According to a survey by Chainalysis, 64 percent of GenZ respondents said they own or have owned cryptocurrency, compared to only 22% of millennials. Furthermore, a report by Gartner predicts that by 2025, the business value added by blockchain will reach $3.1 trillion. GenZ is poised to play a vital role in shaping the future of the Web3 industry.”
Natural Resource Energy Economy
For the final economic area, Hunt puts forward: “GenZ cares deeply about the environment and the impact of human activities on climate change. They understand the need to transition to a more sustainable energy economy that is based on renewable resources. According to a survey by the Pew Research Center, 69 percent of GenZ respondents said they are worried about climate change, compared to 59 percent of millennials. Furthermore, a report by the International Energy Agency predicts that renewable energy sources could account for 9 0% of the world’s power generation by 2050. GenZ is well positioned to lead the transition to a more sustainable energy economy.”
Hence Gen Z’s belief systems and behaviours are a driving force not only in shaping culture, but economies at the global level.
