Rediffusion Consumer Lab has released a report titled '2024 Year of GEMZ'. The report focuses on Millenials, Gen Z and the rise of the Gig economy. It highlights how Millennials and Gen Z are embracing a more flexible and entrepreneurial approach to work. They are building their personal brands and connecting with others in the digital space.
The report says that in India, 15 million gig workers are employed in sectors like software and professional services. Further, the gig economy is becoming increasingly desirable, especially for tech-savvy Millennials with the rise of freelancing apps and an increasing job crisis.
It adds that for 44% of Gen Z, the job is primarily a means to make money, while only 33% see it as the start of a career. Also, pay is the top priority for Gen Z (54%) when applying for a first full-time job.
The report further states that creative and flexible scheduling attracts Gen Z to the gig economy as 26% would work harder and stay longer in a company with flexible scheduling.
Additionally, the high cost of living is Gen Z and Millenials’ top societal concern, with unemployment and climate change ranking second and third. 49% of Gen Zs and 62% of millennials say work is central to their identity, and work/life balance is something they are striving for. Having a good work/life balance is the top trait they admire in their peers and their top consideration when choosing a new employer.
Read the report here:
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