Irish Gen Z adults are twice as likely as the average adult to consider starting their own business, with 18% expressing entrepreneurial ambitions compared with 9% of adults overall, according to new research commissioned by Visa, Title Sponsor of Ireland Fashion Week.
Released during Ireland Fashion Week, the findings point to new generation of entrepreneurs in Ireland, in which technology and digital commerce are helping make it easier for young people to turn ideas into businesses. Nine in ten Gen Z adults in Ireland say technology has made it significantly easier for people to start and grow a small business today.
One sector already benefitting from this trend is fashion. This year’s Ireland Fashion Week will showcase more than 40 graduate designers alongside established and emerging brands. A separate survey conducted among participating designers by Visa highlights how a new generation is combining creativity with digital skills to build successful businesses.
The survey found that almost all designers (92%) say technology has made entrepreneurship a reality for them, while nine in ten (90%) believe being technologically savvy is now just as important as creativity when building and running a fashion business.
This combination of creativity and digital capability is translating into strong business confidence. Some 92% of designers surveyed expect their turnover to increase over the next year, with over a third (34%) anticipating growth of more than 20%. Visa cardholder data also shows that almost half of fashion transactions in Ireland now take place online, while payment volume in the sector continue to grow year on year, creating new opportunities for entrepreneurs to reach customers beyond traditional retail channels.
Ines Obtinalla, Head of Marketing, Visa Ireland, said: “The next generation of Irish entrepreneurs is coming of age in a digital-first economy. Technology is making it easier than ever for ambitious young people to launch businesses, reach customers and grow beyond traditional boundaries. The designers participating in Ireland Fashion Week show what is possible when creativity is combined with digital capability. Ireland Fashion Week is a powerful example of the intersection of culture and commerce, showcasing how creativity, innovation and entrepreneurship come together to create economic opportunity.”
For emerging Irish designer Bray Zhang, aged 22, digital channels have been instrumental in building his business: “Social media has been crucial to growing my business. Before I had a website, it was how people discovered my work and contacted me, and even now it remains one of the easiest ways for people to find my brand and shop online. Technology has made the business side of being a designer much more accessible, from building my website to managing day-to-day operations, giving me more time to focus on the creative side of my work.”
Through its partnership with Ireland Fashion Week, Visa is proud to support the designers and small businesses helping shape the future of Ireland’s creative economy.