U.S. gig economy projected to surpass $1Tn
NEW YORK, UNITED STATES — The gig economy in the United States (U.S.) is set to make an economic impact exceeding $1 trillion, with the number of gig workers estimated to reach 78 million by the end of 2023.
A recent study sponsored by fintech company PayQuicker found that 60% of the gig workforce handles multiple gigs, with 23% juggling more than three.
The most popular gigs are in restaurant, grocery, and delivery services, constituting 13% of the gigs, compared to ride-sharing/transportation services at 8%, child-care or elder-care services at 7%, and freelance graphic design, photography, and copyediting at 4%.
When asked why they chose gig work, 46% cited the need for more money. However, it was more than just extra income; gig workers wanted to be intentional with their earnings.
Half used the money for household bills and roughly 34% for savings, investments, or lifestyle support.
Notably, 83% of gig workers found timely payment important, suggesting an edge for companies offering innovative, quick payment solutions.
Dr. Robert Peterson, a professor at the University of Texas and co-author of the study, said that the research was done “to identify and understand a broader array of gig workers and document their gig-related behaviors, demographic characteristics, and motivations in a form useful for business decision-makers and public policy officials.”
John Fleming, Author of Ultimate Gig and another co-author of the study, added that the continued growth of gig workers profoundly impacts the U.S. economy and the global scale.
“The insights and implications provided by this research should serve to inform and improve managerial decision-making regarding the nature, scope, and growth of the gig economy and the gig workers who participate in it,” he added.
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