Side hustles have been a thing for a while now. But more and more consumers are relying on those side hustles to help make ends meet. For a lot of people living paycheck to paycheck, those side hustles are the difference between being able to meet all of their financial obligations and falling short, according to a published report.
Specifically, 30% of those earning extra income on the side said losing it would severely impact their financial stability, with this figure rising to 53% among those living paycheck to paycheck and struggling to meet financial obligations.
Interestingly, the report highlights that high-income earners are also turning to side hustles. About 26% of those earning over $100,000 annually have sought additional income through activities such as reselling items, performing informal tasks, or creating artisan products. In fact, high-income consumers are more likely to generate extra funds through active income sources (22%) compared to passive ones (20%). This trend suggests that even affluent consumers are drawn to accessible and enjoyable methods of earning supplemental income.
Consumer reliance on these income sources extends beyond financial distress. The survey indicates that ease of access and enjoyment are significant motivators for engaging in side hustles. Notably, Gen Z leads in side hustle participation, with 32% reporting earning supplementary income in the last three months. This age group is also the most active in the resale market, with 47% having sold a used item in the past year and 74% having bought one.
The preference for online platforms for reselling items is strong, with 67% of consumers opting for digital channels like Facebook Marketplace, which 44% of resellers favor. Ease of use and broad visibility are key factors driving this choice, especially among younger consumers.
Asking about side hustles or reselling items might be worth mentioning during calls with consumers if you’re not already doing it.
