As per STATISTA, the projected gross volume of the gig economy is expected to reach $455.20 billion U.S. dollars in 2023. The gig economy is commonly defined as digital platforms that allow freelancers to connect with potential clients for short-term jobs, contracted work, or asset-sharing.
Closer home in the United Kingdom, the statistics for 2023 reveal that -
1 in 6 adults in the UK currently work a gig job at least once a week.
Gig workers contribute £20bn to the UK economy
Almost half (48%) of gig workers in the UK also have a full-time job.
There are approximately 7.25 million people working in the UK gig economy workforce
89.7% of UK gig workers said that the cost of living crisis in 2022/23 had influenced them to take up extra work.
Common gig economy workers include taxi drivers, food delivery riders, dog walkers, and cleaners, but the gig economy also extends to qualified professionals, specialising in copywriting, teaching, translating, proofreading, solving IT problems, designing games, or selling content to name but a few examples.
Drivers transporting customers in cars via ride-sharing apps like Uber, Bold and Lyft or cyclists or bikers delivering takeaway meals to households via delivery apps such as Deliveroo, Uber Eats and JustEat. Digital freelancers providing services like copywriting, graphic design and web development through freelance marketplace sites like Fiverr, or the public and/or photographers selling pictures, videos, and content on apps like PRESSHOP and Getty Images. Gig-based freelancers contribute approximately £20 billion to the British economy each year and this number is rapidly growing.
Reports into gig economy statistics estimate that £3.2 billion (16%) of this British economic contribution is made of earnings from Uber drivers while one study by Capital Economics believes Deliveroo will contribute £1.5 billion to the UK economy. Some estimates push this economic contribution further, stating the staggering growth of the gig economy in the UK could explode to a £63.25 billion contribution to the UK economy by 2026.
The first-of-its-kind study, led by the University of Bristol, found 52% of gig workers doing jobs ranging from data entry to food delivery were earning below the minimum wage. On average respondents were earning £8.97 per hour – around 15% below the current UK minimum wage, which rose to £10.42 in May 2023.
Lead author Dr Alex Wood, Senior Lecturer in Human Resource Management and Future of Work at the University of Bristol Business School, said: "The findings highlight that working in the UK gig economy often entails low pay, anxiety, and stress. As food, fuel and housing costs keep rising, this group of workers are especially vulnerable and need to be more adequately remunerated and better protected."
As per PRESSHOP, the User Generated Content (UGC) Platform market size will grow to US$ 71.3 Billion by 2028. As per a report published by Allied Market Research in May 2023, the global User Generated Content (UGC) Platform market size was valued at $4.8 billion in 2022 and is expected to significantly expand at a CAGR of 31.6%, taking the market size to $71.3 billion by 2028. Yahoo Finance reported on 8th May 2023, that "The growth of the global user-generated content platform market is driven by factors such as an increase in the use of influencer marketing, the rise in demand for authentic content, and uniqueness and cost-effectiveness of user-generated content". Please visit the recent blog written by PRESSHOP to read the full story
The gig economy is here to stay and grow🚀
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This blog has been inspired by facts mentioned on STATISTA, and the gig-economy study conducted by the University of Bristol in 2023. Please follow us on our social handles (FB, Twitter (X), Insta and Linked In) for stories, blogs and real-time content from our intelligent, and socially conscious users who we lovingly call Hoppers here at PRESSHOP 🐰
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