The gig economy has surged in recent years, with millions of Americans reliant on side hustles for income. Originating as early as 1915 among jazz musicians, the term has evolved significantly. Current data indicates high participation in side gigs across generations, particularly among Generation Z and Millennials. Many individuals depend on gig income for essential living costs, making side hustles an integral part of today's workforce. Projections suggest that the trend will only grow, with a substantial majority of Americans expected to engage in gig work as inflation concerns rise.
The concept of the gig economy gained prominence in 2009, with millions of Americans now relying on side hustles as their primary income source.
Side hustles have deep historical roots, going back to 1915 when jazz musicians first coined the term 'gig' to describe their transient job nature.
Current statistics indicate 53% of Generation Z and 50% of Millennials engage in side hustles, with many relying on these gigs for basic living expenses.
As inflation rises, it is projected that 83% of Americans will engage in side hustles, highlighting a significant shift in workforce dynamics.
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