The Hustle is Real: Why 2019 is the Year of the Side Gig

The "Gig Economy" presents a wealth of new opportunities for participants from several industry verticals to meet the evolving needs of Americans engaging in gig-related employment, reports Packaged Facts

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Packaged Facts

Jan 23, 2019, 09:03 ET

ROCKVILLE, Md., Jan. 23, 2019 /PRNewswire/ -- From holiday spending hangovers to the government shutdown to simply filling free time, there's been no shortage of factors motivating Americans nationwide to get their side hustle on early in 2019.

According to Packaged Facts in the new report The Financial Services Market: Targeting Gig Economy Workers, roughly 41% of Americans with a side hustle/gig cite the desire to supplement their income as the main reason for taking on the extra work. Likewise, about 15% of side giggers rely on these jobs as their primary source of income. Meanwhile, Packaged Facts found that for a select few—some 19% of gig workers—the side jobs play a role in leisure actives and are performed just for fun or as a hobby.

An estimated 76 million U.S. adults are "Side Gig Workers," defined as those who had been paid for an assortment of occasional work activities or side jobs—which Packaged Facts groups into 12 gigs across three categories. This distinguishes Side Gig Workers from the 27 million U.S. adults who claim to have a second job in addition to their main job. Packaged Facts groups side gigs thusly:

Home/Personal Care/Services

Babysitting, child care services, dog walking, or house sitting
Disabled adult or elder care services
House cleaning, house painting, yard work, or other property maintenance work
Providing other personal services, such as running errands, helping people move, etc.

Online Services

Completing paid online tasks, such as on Amazon Services, Mechanical Turk, Fiverr, Task Rabbit, or YouTube
Renting out property online, such as their car, their place of residence, etc.
Selling goods on-line through eBay, Craigslist, or other websites
Driving using a ride-sharing app such as Uber or Lyft
Other online paid activities (excluding taking the survey in which this question was asked)

Other Selling

Selling goods or services themselves at flea markets, garage sales, or other temporary physical locations
Selling goods at consignment shops or thrift stores
Any other paid activities that have not been mentioned

Even beyond these traditional prospects, Packaged Facts reveals that the so-called "Gig Economy" presents a wealth of burgeoning opportunities for participants from several industry verticals—notably financial services providers, insurance providers, and human capital management providers—to meet the evolving needs of individuals engaging in gig-related employment. Opportunities in these product and service areas involve:

Alternative financial services
Tax services and related financial management tools
Prepaid cards, and
Workforce management solutions

Now on Sale "The Financial Services Market: Targeting Gig Economy Workers"

This report identifies and analyzes members of the Gig Economy, a term characterized by independent work arrangements, temporary and/or on-demand employment trends, working more than one "gig" at one time, globalization, digitization, work-at-home trends, and the gradual loss of employment benefits. The report also identifies market opportunities related to alternative financial services, tax services and related financial management tools, prepaid cards, and workforce management solutions.

View additional information about The Financial Services Market: Targeting Gig Economy Workers, including purchase options, the abstract, table of contents, and related reports at Packaged Facts' website: https://www.packagedfacts.com/Financial-Services-Targeting-Gig-Economy-Workers-12116969/.

About Packaged Facts

Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, consumer packaged goods, and pet products and services. Packaged Facts also offers a full range of custom research services.

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SOURCE Packaged Facts