The US Gig Economy Market Report 2020
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Description
“Working multiple jobs to bring in extra income is nothing new – just ask a substitute schoolteacher, bartender, or photographer. But in today’s economy, the proliferation of multiple “unicorn” tech startups has changed the landscape of our on-demand society, offering more options not only as a consumer, but as a worker for apps like Uber or Postmates.”
-Chris Shadle, Financial Services Analyst
This Report looks at the following areas:
- If everyone you know has used Uber, you’re in a bubble
- Who’s in the gig economy? Young men, more than any demographic
- Why gig work? More money, more flexibility
- Consumers have a progressive view of the future of work
Table of Contents
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Overview
- What you need to know
- Definition
- What you need to know
-
Executive Summary
- Overview
- Top takeaways
- If everyone you know has used Uber, you’re in a bubble
- Figure 1: App usage and interest in past year, by age, October 2019
- Who’s in the gig economy? Young men, more than any demographic
- Figure 2: Types of work in past year, October 2019
- Why gig work? More money, more flexibility
- Figure 3: Gig workers’ attitudes toward their work, October 2019
- Consumers have a progressive view of the future of work
- Figure 4: Attitudes toward the future of work, by age, October 2019
- What it means/what’s next
- Overview
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The Market – What You Need to Know
- The gig economy is difficult to quantify
- Unemployment is low, but so is labor force participation and job quality
- The gig economy is difficult to quantify
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Market Size
- What consumers think about the gig economy
- Sizing the gig economy is tough!
- Figure 5: Alternative workers engaged in electronically mediated work, May 2017
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- Figure 6: Types of income-earning work in past year, October 2019
- What consumers think about the gig economy
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Market Factors
- Unemployment is low, but a third of working age individuals aren’t working
- Figure 7: Unemployment and Labor force participation rates, August 2007-November 2019
- Moreover, jobs are becoming lower quality
- Figure 8: US private sector job quality index (JQI), January 1990 – January 2019
- Unemployment is low, but a third of working age individuals aren’t working
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Trends Impacting the Gig Economy
- Straight to You
- Figure 9: Uber Freight acquisition mailing, July 2019
- Who Needs Humans
- Figure 10: Flyte by Lyft, homepage, January 2020
- Figure 11: Uber manifold, homepage, January 2020
- Retired for Hire
- Figure 12: Boomer breakdown by employment status and gender, April 2019
- Straight to You
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Key Players – What You Need to Know
- Banks need to find a meaningful way to assist gig workers
- Gig fought the law and…the law has been winning recently
- Credit card issuers reflect popularity of gig economy in rewards
- Banks need to find a meaningful way to assist gig workers
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What’s Struggling
- How do banks fit into the gig economy?
- Figure 13: US Bank, informational email on gig economy, September 2019
- Workers’ rights, fair pay
- Regulatory battles, defeats
- Assembly Bill 5 threatens gig workers in CA
- Uber fined over half a billion dollars in New Jersey for not classifying drivers as employees
- Airbnb takes a legislative blow (also in New Jersey, incidentally)
- How do banks fit into the gig economy?
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What’s New, What’s Next
- Credit card issuer benefits reflect growth of gig economy brands
- Figure 14: The Points Guy, best credit cards for Uber and Lyft, December 2019
- Figure 15: Lyft & Mastercard loyalty email, January 2020
- Investors can more easily enjoy a share of the gig economy’s success
- Figure 16: SoFi information email, gig economy etf, May 2019
- Uber launches staffing business in Chicago
- Figure 17: Uber Works, December 2019
- Credit card issuer benefits reflect growth of gig economy brands
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The Consumer – What You Need to Know
- The gig economy is thriving on mobile, but not as much as you may think
- Just over one in six workers are involved in the gig economy
- Flexibility, more income attract gig workers
- Gig workers have fewer benefits; gig-only workers have very few
- Consumers think progressively about the future of work
- The gig economy is thriving on mobile, but not as much as you may think
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Gig Economy Brands
- It’s the age of the app, but many consumers simply aren’t interested
- Figure 18: App usage and interest in past year, October 2019
- Ride-hailing apps are used the most; food delivery piques most interest
- Figure 19: App usage and interest in past year, by age, October 2019
- It’s the age of the app, but many consumers simply aren’t interested
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How People Work
- About half of consumers are working full-time
- Figure 20: Types of work in past year, October 2019
- Who is a gig worker?
- Figure 21: Types of work in past year, October 2019
- Men, minorities and young folks are most eager to join the gig economy
- Figure 22: Intention to work in the gig economy, by age, October 2019
- Figure 23: Intention to work in the gig economy, by gender, race and ethnicity, October 2019
- About half of consumers are working full-time
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Why Gig Work?
- Flexible schedule, supplemental income
- Figure 24: Gig workers’ attitudes toward their work, October 2019
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- Figure 25: Lyft acquisition email, December 2019
- Figure 26: Uber “New Year’s Eve Quest” email, December 2019
- Young workers also want stability, at odds with gig economy
- Figure 27: Factors in improving economic situation, May 2018
- Flexible schedule, supplemental income
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Employment Benefits
- Gig workers have fewer benefits
- Figure 28: Access to employee benefits, all workers vs gig workers vs exclusively gig workers, October 2019
- What perks gig workers are afforded are used less often
- Figure 29: Use of employee benefits, all workers vs those in the gig economy, October 2019
- Gig workers have fewer benefits
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Attitudes toward Work
- Half would consider gig work in the future, but most don’t think it’s enough to provide for a family
- Figure 30: Attitudes toward gig work, by generation, October 2019
- Most think automation is going to change the nature of work; freelancing will be much more popular
- Figure 31: Attitudes toward the future of work, by age, October 2019
- People want expansion of government safety nets
- Figure 32: Attitudes toward social security, Medicare and UBI, October 2019
- Half would consider gig work in the future, but most don’t think it’s enough to provide for a family
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Appendix – Data Sources and Abbreviations
- Data sources
- Consumer survey data
- Consumer qualitative research
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
- Terms
- Data sources
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