Why Gen Z merchants are turning to TikTok for inventory ideas and cash recommendation
“I’m so excited right now,” says a TikTok user named CryptoBossAndrew. “The altcoin season has officially started. In the last hour there are 40 pieces. Woohoohoo! “
It is the fastest growing social media platform in the world and is enjoying growing popularity around the world, especially among teenagers and 20 year olds.
Now TikTok has discovered financial advice or so-called “Fintok”. Day traders, cryptocurrency enthusiasts, and side hustlers are trying to make money buying stocks and describing their exploits in the Chinese social video app.
In addition to dance videos, memes, and daily challenges, videos with titles like “Retired Millionaire,” “Stocks That Need To Buy Now,” and “A Stock That Could Make You Rich,” are populating a growing niche of TikTok dedicated to money. TikTok, which is predominantly used by 16 to 24 year olds, has more than 800 million users worldwide.
More and more users are turning to them for financial advice and tips.
Even Charli D’Amelio, the 16-year-old behind the world’s most popular TikTok account, got into the financial industry and invested in the Steps mobile banking app.
On TikTok, the hashtag “stocktok” has almost 200 million videos, while “fintok” has 80 million. The videos on fintok typically feature young, aspiring users offering advice on their favorite stocks or more traditional financial tips, such as: For example, invest in tracker funds or put a few cents into savings every month.
Often times these are accompanied by graphs, charts, and popular music, and cover popular, emerging stocks like Apple and Tesla. Others offer tips on how to do “sideline” jobs and make money by buying and selling goods online.
An example is what is known as “dropshipping”, where users buy a product cheaply overseas and quickly resell it to buyers in the UK or US at a premium.
SaraFinance, one of TikTok’s most popular financial vloggers with 600,000 followers, posts a video like this simply titled, “Tips That Helped Me Make $ 132,000 On 18”. 19-year-old American real name Sara Rosalia publishes videos covering a mix of dropshipping, investing tips, real estate and renting, and long term saving. “My first video that blew up and I knew immediately there was a great opportunity,” she says.