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Keeping pace with an ever-shifting economy has proven difficult for consumers and businesses alike. Tariffs alone have made people rethink their spring and summer travel plans and are driving a variety of other purchasing shifts.
Difficulty managing expenses is not a new theme for Americans. Salaries are not what they used to be, and the cost to live just keeps going up. For years, consumers have cited ‘managing living expenses’ as their primary financial stressor, and the current economic vibe has only increased this segment of the population, according to CivicScience polling.
Setting up a secondary revenue stream has become popular within personal finance. Among Americans with a day job, one-quarter say they have a side gig or secondary income source, and 19% are actively looking for one.
A look at motivations reveals that 29% of those with a side hustle or those planning to get one say they need additional income to afford basic expenses—groceries, utilities, housing, etc. The next most popular reasons for working a side job are ‘to pay off debt’ and ‘to have more financial freedom or flexibility.’
Lots of People Are Hustling
While side hustlers can be any age, the practice of maintaining a secondary source of income is more prevalent among younger Americans, specifically people under 44. More than half of Gen Z and Millennials are working a side gig or actively searching for one.
Furthermore, the population of side hustlers includes not only people who already work full-time jobs, but also those earning $100K or more per year. Side hustlers tend to manage their money well, have enough money saved for retirement, and are in less debt. These characteristics reveal a segment of Americans who find it necessary to expand their income in the current climate, despite being what many would consider “well-off.”
Strategic Cutbacks in Spending
Amid the current economic uncertainty, regardless of how much money is being earned per year, consumers are being strategic about how and when they spend their money. CivicScience data show a correlation between people who side hustle and the likelihood of making changes to recurring monthly spending. Polling data reveal people who work a side gig are more likely to do the following within the next 90 days:
This is just one of the many ways uncertainty is shaping consumer behavior. In a volatile environment where emotions and behaviors shift fast, brands that pivot quickly and personalize their outreach will win. Now isn’t the time for broad strokes—gaining share means reading between the lines and moving with consumers, not just marketing at them. CivicScience can help. Join our upcoming webinar series to explore how brands can make sense of today’s economic uncertainty and stay in step with consumers. See the full schedule here.
Join the Conversation: Is starting a side hustle appealing to you?
These survey responses provide a deeper understanding of those intent on expanding their income. People feel they need more money to keep pace with the cost of living, and cutting back non-essential spending alone isn’t doing the trick. As many types of consumers focus on maintaining a second job or finding more work, brands must align their strategies with the realities of consumers who are actively rethinking how they earn and spend.
