Instagram thinks 2023 will be the year of the social media side hustle, especially for Gen Z.
According to Instagram's 2023 trend report, nearly two thirds of Gen Z plan to use social media to make money in 2023. Instagram partnered with WGSN to survey 1,200 social media users, ranging from 16 to 24, on variety of topics, including their financial aspirations.
They found that respondents don't necessarily want to be full-time creators, but rather that 64 percent plan to monetize a project on social media in the near future, a noticeable change from last year's trend report. The 2022 trend report found that 87 percent of Gen Z agreed with the statement that “too many people are forced to work multiple jobs to make ends meet” and 71 percent agreed that they would rather have a meaningful job even if it means they made less money.
Instagram's take away from the latest data? “Expect interests to transform into side hustles.” Looks like the so-called anti-work generation is being welcomed with open-arms into hustle culture. But for younger members of Gen Z, perhaps posting on Instagram and TikTok as a part-time job is more favorable to baking in the sun as a lifeguard or juggling coffee orders. In a 2022 survey from Pew Research, 35 percent of teens said they used YouTube, TikTok, Instagram, Snapchat, or Facebook “almost constantly.” They might as well monetize that time spent online.
The report also asked Gen Zers to describe 2022 in one word. The top three responses were “healing,” “energized,” and “main character energy.” Maybe 2023's will be “capitalism,” “creator,” and “side hustle.”