Incredibly 43% of Brits now have a side hustle as an additional source of income.
This figure jumps to an impressive 68% for Generation Z, highlighting how younger generations are embracing this trend.
The surge in side hustles isn’t just a UK phenomenon; it’s part of a global movement, with the gig and side hustle market estimated to be worth $556 billion in 2024.
Popular Side Hustles
The most popular side hustles in the UK are:
- E-commerce: 72% of side hustlers are selling online, including general goods, self-crafted items, and drop-shipping.
- Freelance work and tutoring.
- Arts and crafts (18%) and food and drink businesses (12%).
- For younger entrepreneurs, fashion (13%) and creative/media services like graphic design (12%) are popular choices.
The Financial Impact
The average income from side hustles in the UK is impressive, standing at £207 a week or £900 a month.
This translates to an average annual revenue of £18,200 for side hustlers.
What’s even more interesting is that 7% of side hustlers make more than £50,000, and 5% bring home over £100,000 annually.
Demographics and Motivations
The average age for starting a side hustle is 32. However, it’s the younger generations leading the charge:
- 68% of Generation Z (18-23 years old) have a side hustle.
- 65% of Millennials (24-42 years old) have an additional source of income.
Interestingly, one in three side hustlers set up their ventures as passion projects, showing that it’s not just about the money for many people.
Technology’s Role
Technology has been a game-changer for side hustlers. E-commerce platforms like Vinted, Depop, and Etsy have made it easier than ever to sell products online.
Additionally, 48% of UK side hustlers were able to launch a website in just a couple of days, demonstrating how accessible these tools have become.
Looking Ahead
70% of side hustlers hope to turn their part-time ventures into their primary business one day.
With the global gig and side hustle market expected to exceed $1.8 trillion by 2032, we’re likely to see even more innovation and opportunities in this space.
It’s clear that side hustles are becoming an important part of many people’s lives. Whether it’s to supplement income, pursue a passion, or develop new skills, the side hustle trend is reshaping how we think about careers and financial stability in the UK.
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