70% of Gen Zers are looking to pursue a side hustle while 40% of Americans already have a side hustle, which translates to approximately 80 million individuals seeking extra income streams, generating over $2 trillion in revenue yearly.
The side hustle market in the US is nothing short of extraordinary, with a staggering value that exceeded $2 trillion in 2018 alone. This growth has continued, attracting a diverse range of participants, including millennials and Gen Zs.
70% of Gen Zers are actively seeking opportunities to venture into the side hustle market, as a means to supplement their primary income. Meanwhile, the younger generation, Gen Z, is showing an even more significant interest in starting their own side businesses. A remarkable 50% of millennials already have a side hustle.
This suggests that younger generations value autonomy and independence, especially in their professional lives. Side hustles play a crucial role in providing them with the freedom to explore their interests and potentially turn their hobbies into profitable ventures.
Website Builder Expert surveyed 120 side hustlers in July 2023 to identify the most popular type of side hustle and the main motivation behind starting one.
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Popular types of side hustles included:
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E-commerce: 46%
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Freelancing: 35%
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Social media: 14%
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Multiple side hustles: 14%
Motivations behind starting a side hustle include:
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Extra income: 68%
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Pursue passion: 42%
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Career change: 7%
The average side hustle can yield an impressive $1,122 per month when dedicating just 12 hours a week to the endeavour. This substantial income has not only encouraged Americans to pursue side hustles, but it has also provided a solid foundation for financial stability.
Side hustles with a website outperform those without a website; among side hustlers who earned over $1500 per month, 79% of them had a website.
33% of Americans reported side hustling to diversifying income sources. By engaging in an entrepreneurial journey, individuals can safeguard themselves against financial uncertainties and achieve a sense of financial security.
According to the data collected, the typical side hustle generates approximately $473 per month or an impressive $5,700 per year, which can make a significant impact on one’s overall financial health.
Around 60% of side hustlers devote between five and 20 hours per week to their endeavours. This indicates that many Americans are willing to invest their time and effort to build a profitable venture, showcasing the dedication and determination within the side hustle community.
Website Builder Expert’s Senior Writer Emma Ryan comments: “It’s clear from the data that millions of people are turning to side hustles as a way to make extra money and pursue their passions outside of work.
“With the rocky economic climate causing a lot of job uncertainty and rising prices putting a dent in monthly budgets, Americans – especially the younger generations – feel more financially stable with a backup plan in place. A side hustle lets people put their time and energy into the hobbies they love, and get money in return, without risking their main income.”
