The Gig Economy: A Booming Trend That’s Here to Stay
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- Updated March 7, 2024 2 min read
Have you heard the term “gig economy” thrown around but aren’t quite sure what it means? The gig economy refers to a growing trend of people working independently as freelancers or independent contractors. This can include everything from driving for ride-sharing services to designing logos for small businesses.
And lately, more and more people have jumped on the gig economy bandwagon where work pants are optional and nap breaks encouraged.
There are a whopping 73.3 million freelancers in the US as of 2023
The gig economy is expanding like never before. In 2017, there were 57.3 million gig workers. But this figure has been growing at a staggering rate of at least 2 million per year since then.
And currently, there are an estimated 73.3 million freelancers working in the United States. That’s a lot of people ditching the traditional 9-to-5 grind.
Demand for freelancers is in full swing
An astonishing 46% of freelancers reported an uptick in demand for their services. Payoneer’s Freelancer Income Report also shows that for 29% of gig workers, demand for their work remained steady at the same level as the previous year. This just goes to show that the gig economy is booming and the demand for freelance talent is on the rise.
While there’s no denying the high demand for gig workers, the freelance lifestyle is not always a walk in the park. As the report further revealed, many freelancers face the significant challenge of finding new clients.
In fact, 73% of respondents in the survey admitted that finding new clients is a significant hurdle to overcome. To make ends meet, over half of the surveyed gig workers have resorted to taking on additional work.
From side hustle to paycheck
Many people are drawn to the gig economy due to its flexibility and potential for earning. But how much do gig workers actually make?
The survey conducted by Payoneer, which involved 2,000 freelancers from 122 countries, shows that the average hourly wage earned by women in the gig economy is $22, while men earn $24.
As a freelancer, your earning potential is ultimately in your own hands. It’s important to remember that freelancing is a viable career path for anyone with the right skills and mindset. By honing your craft, building a strong network, and staying up-to-date with industry trends, you can position yourself to earn top dollar as a freelancer in today’s ever-evolving economy.
- Professional Writer
Julia is a professional writer, translator and graphic designer. She holds degrees in translation and interpretation, and has international work experience from a number of different countries in Europe as well as China and Panama. Julia formerly taught academic writing and as a graphic designer contributed to outlets such as The Business of Business. She has a passion for lifelong learning and good coffee.
