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- A survey found that older Gen Z-ers prefer big tech brands like Google and Amazon, while Instagram and Facebook barely register.
- The move is not good for the meta, the meta version that has reinvented itself and appeals to the younger generation.
- On Thursday, CEO Mark Zuckerberg reportedly warned of layoffs and budget cuts.
What do Band-Aids, Twix and Dollar Tree all have in common?
A new survey shows that these are the three brands that young people look to more than Instagram or Facebook.
The survey, conducted by Morning Consult between May and August of this year, surveyed 16,000 “Gen Z adults,” or people currently between the ages of 18 and 25 in the U.S., to find out how favorably they view thousands of brands.
Instagram ranked 29th and Facebook didn’t even crack 40.
The survey found that Gen Z adults look up to other tech giants more than meta brands.
Among the 4,000 brands questioned in the survey, YouTube, Google, Netflix and Amazon took the top 4 spots respectively, Morning Consult said. M&Ms came in at No. 5.
The results don’t bode well for Meta, which has invested billions of dollars to appeal to a new generation. Last year, Mark Zuckerberg changed his company’s name from Facebook to Meta, betting his company’s future on the Metaverse.
The gamble has yet to pay off. Meta is struggling with stagnant revenue and user growth as it loses eyeballs to competitors like TikTok.
Over the past two years, Meta has directed resources and attention to Instagram’s TikTok-like feature Reels.
However, an internal Meta report recently reviewed by the Wall Street Journal stated that “the vast majority of Reels users are not engaged at all.”
On Thursday, Meta CEO Mark Zuckerberg warned that most of the group’s budget would be cut after announcing a hiring freeze, according to a report by Bloomberg.
The move follows similar budget cuts and warnings from other tech companies such as Google, Microsoft and Uber.
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