Gig Economy, Platform Economy, Side Hustle, Makers, On-Demand Economy, Freelancer, Entrepreneur… whatever term(s) used, describes an incredibly fast growing occupational direction that is becoming synonymous with career or job for Millennials and Gen Z.
The personal motivations behind pursuing those paths are varied, but can include; being your own boss, pursuing social connections, innovative new industries, side hustles to supplement a lower paying job, flexible working hours, or simply a product of a growing short-term-contract workforce.
Looking at the chart from Pew Research, you quickly recognize that Millennials are largely driving this direction with 18-29 year olds leading the pack with 16% – nearly 1 in 5 – using digital work or task platforms.
Translating that to the Sea-Tac metro, 16% of the 18-29 audience is about 53,000 adults. That’s a lot of us! And as we look forward to how it will affect consumer categories; there are quite a few with varying degrees of impact. Some that I’ve come across that present opportunities for advertisers to speak specifically to the needs and wants of this audience include… more nomadic residents affecting short term and long term housing; home design supporting home offices; work/live housing options; financial planning and wealth management for inconsistent income streams; health insurance options for independent workers; among many others. We’ll continue to watch the gig economy grow and advertisers adapt to meet the needs of this untraditional workforce.