Americans Embrace Side Hustles in 2024 Amid Economic Uncertainty and Inflation

As inflation continues to impact household budgets across the United States, a growing number of Americans are turning to second jobs or side hustles to make ends meet and achieve their financial goals. This trend is expected to intensify after the holiday season, with many individuals seeking to address their “spending hangover.”

A recent survey conducted by freelance gig hub Fiverr revealed that 74% of American workers plan to either continue their current side hustles or pick up new ones in 2024. Yoav Hornung, Head of Verticals and Innovation at Fiverr, explained that in an unstable economy and a shifting job market, full-time workers are increasingly eager to supplement their income and broaden their skill sets.

Top Side Hustles Expected to Dominate in 2024:

1. Website Development: With the emergence of new businesses and evolving web design trends, website developers are consistently in high demand. Searches for terms like “e-commerce website developer” on the Fiverr platform surged by over 3,000% in six months. Hornung anticipates that the wave of tech layoffs in 2023 will lead to an increase in startups, driving the need for freelancers, especially web developers, to propel their growth.
2. Mobile App Development: The mobile-first era continues to expand, with global users generating nearly 77 billion mobile app downloads in the first half of 2023 alone. Searches for “app development” on Fiverr have consistently increased, reflecting the growing complexity and integration of apps into daily life. Hornung emphasizes that this trend is expected to persist as apps become more advanced.
3. Video Editing: The rise of short-form content on platforms like Reels, Shorts, and TikTok has created a surge in demand for video editing services. Businesses and marketing agencies are increasingly looking for freelancers skilled in creating engaging content. The research indicates that the majority of marketing leaders are incorporating more freelancers into their teams, a trend expected to rise following marketing layoffs.
4. Social Media Content: The value of social media platforms for brands targeting a younger audience has never been higher. With global sales through social media platforms estimated at $992 billion in 2022, there is a growing demand for individuals skilled in creating user-generated content (UGC) and managing social platforms. Social media expertise is identified as a valuable side hustle in 2024.
5. AI Services: The buzzword of 2023, Artificial Intelligence (AI), is driving businesses to explore its integration. However, many lack in-house talent for advanced AI tools. Freelance AI experts are filling this gap, with 90% of businesses utilizing or planning to use freelancers for projects involving Generative AI. New niches for freelancers, such as AI consultants and AI music video editors, are emerging, reflecting the growing demand for AI-related skills.

As Americans navigate economic uncertainties, the gig economy is becoming a vital source of supplemental income and skill development, allowing individuals to adapt to the changing job market and financial challenges. The side hustle trend is expected to shape the workforce landscape in 2024 and beyond.