Europeans are quitting their jobs for TikTok

Around one in 10 Europeans are considering quitting their jobs within the next six months, according to data from Morgan Stanley.

The social commerce trend has yet to take off in the west as much as it has in China, where it was popularised.

Despite this, many still see it as a viable way to make money, including the social media giants themselves.

Instagram and TikTok have been at the forefront of the social commerce revolution in the west so far, with both updating their platforms to improve ecommerce offerings.

The pandemic has prompted huge numbers of people to seek a change in career, causing a mass exodus of workers from their jobs, dubbed “The Great Resignation”.

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“The received wisdom is that as Covid subsides, and with modest extra flexibility from employers, the majority of people will re-embrace their prior routines, our data suggest otherwise.” Morgan Stanley analysts wrote in a note.

The bank has warned that labour shortages and wage inflation will continue for longer if the Great Resignation trend persists.

“It reveals a far greater potential risk of structurally higher wages,” the analysts wrote.

A third of Europeans surveyed said they have a side hustle, these included selling things on ecommerce marketplaces such as Etsy, creating content online on platforms like TikTok and YouTube and trading online assets such as NFTs.

The trend was predominantly among people holding white-collar jobs in information technology, finance, engineering or manufacturing.

“Millennials are poised to move first, with Gen-Z more distant in their ambitions,” Morgan Stanley added.

Within that sample, consumers earning less than €40,000 annually appeared more eager.

The UK and Germany were the two country’s with the biggest demographic of workers who wanted to leave their jobs.

Morgan Stanley has said that the trend is likely to benefit recruitment company shares.

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