Emerging Side Hustle Trends & Statistics In 2024
Last Updated on July 15, 2023 by John Cirelly
Side hustles, or part-time jobs that supplement a primary income, have surged in popularity in recent years. They provide people with opportunities for financial independence, increased creativity, and greater control over their career trajectories. As the side hustle economy continues to evolve, let’s explore the latest trends and statistics that are shaping the future of this exciting space.
Rising Popularity of Side Hustles
As of 2023, 45% of Americans are engaged in a side hustle. This increasing trend shows that side hustles are becoming an essential part of our work culture. Moving forward, we can expect this number to grow even more, as individuals continue to seek additional income streams and explore creative outlets outside of their primary jobs.
Increased Earnings through Side Hustles
The average annual income from side hustles has been reported to be $12,689, and many side hustlers earn over $1,500 per month.
This indicates that side hustles are not just for pocket money. They are a significant source of income for many, and we can anticipate even greater financial gains from side hustles in the future.
Shift Toward Multiple Side Hustles
Over 50% of side hustlers are experimenting with three or more different ventures. This diversification allows for multiple income streams and offers more opportunities for creativity and skill-building.
As the side hustle ecosystem grows, the trend of engaging in multiple side hustles could become even more prominent, especially during a recession.
Adoption of Automation in Side Hustles
The use of automation in side hustles is becoming increasingly popular, especially among younger adults. Automation allows side hustlers to earn solid annual incomes despite minimal hours of work, demonstrating the potential for efficiency and productivity in this sphere.
This is a trend that we expect to see more of in the future, as technological advancements make side hustling more accessible and profitable.
Popularity of Online Businesses, Freelancing, and Investing
Online businesses, freelancing, and investing are among the top-paying side hustles. These sectors offer vast opportunities for side hustlers, whether they’re selling products online, offering freelance services, or making investments.
As the digital economy continues to grow, these areas will likely offer even more opportunities for side hustlers in the future.
Thriving Side Hustle Industries
Fastest-growing industries for side hustles include personal care, digital marketing, IT, virtual assisting, and life coaching. These industries represent high-demand areas and demonstrate the diversity of opportunities in the side hustle economy.
Given these trends, it’s likely that we will continue to see a broad range of industries thrive in the side hustle space.
Flexibility and Independence
The desire for personal freedom and extra cash are significant motivations for side hustlers. This trend is indicative of a broader cultural shift towards more flexible and independent ways of working.
As more people value work-life balance and personal fulfilment, the attraction of side hustles is likely to continue to grow.
Freelancing is on the Rise
In 2023, 47% of side hustlers were found to be freelancers. This growing trend indicates that starting a freelance side hustle is becoming a popular option, offering the flexibility to work on their own terms and the ability to pick projects that align with their skills and interests.
As the gig economy expands, we can anticipate an even larger proportion of side hustlers choosing to freelance.
Dominance of E-commerce and Digital Marketing
Side hustles related to e-commerce and digital marketing are experiencing a massive surge, with 35% of side hustlers involved in these fields. This reflects the increasing importance of online presence and digital commerce in today’s world.
Given the ongoing digital revolution, these sectors are set to attract more side hustlers in the future.
Growing Interest in Content Creation and Online Influencing
Approximately 20% of side hustlers are now involved in content creation, blogging, vlogging, or online influencing. This trend highlights the power of digital platforms in providing visibility and revenue generation opportunities.
As social media and other online platforms continue to grow, the number of side hustlers in this space is likely to increase.
Adoption of Side Hustles in Tech-Related Fields
Tech-related side hustles have seen a 15% growth in adoption. This growth can be attributed to the ever-increasing demand for tech skills, from coding to digital design.
With technology continuing to permeate all areas of life and work, tech-related side hustles are expected to remain a popular choice, especially in AI-related fields.
Increasing Side Hustle Engagement Among the Younger Generation
An impressive 50% of millennials and Gen Z have side hustles. This signifies a generational shift in attitudes towards work and earning, with younger generations seeking multiple income streams, flexibility, and autonomy.
We can foresee this trend sustaining as the work culture continues to evolve.
The Influence of Social Causes on Side Hustles
Over 10% of side hustlers were involved in social or environmental causes. This demonstrates a growing awareness and commitment to societal issues among side hustlers.
Given the current global emphasis on sustainability and social justice, we can expect a surge in side hustles related to social causes.
Wrapping Up Side Hustle Trends
In conclusion, the side hustle economy is vibrant and evolving. With rising participation, increased earnings, diversification of side hustles, adoption of automation, growth of online businesses, freelancing, and investing, and the attraction of flexibility and independence, the future of side hustles looks promising.
Whether you’re already a side hustler or considering becoming one, understanding these trends can help you navigate this exciting landscape and make the most of the opportunities it offers.
