Visa’s latest research reveals that 45% of Gen Z, individuals born between 1996 and 2010, are now managing side hustles, with over a third (37%) juggling multiple ventures. The findings, part of Visa’s National Smile Month campaign, highlight significant growth in the side hustle economy among young adults.
The survey, conducted by Visa, found that e-commerce (34%), social media influencing (25%), and passion-based projects (19%) are the most common types of side hustles among Gen Z. Nearly 70% of these young entrepreneurs started their side gigs primarily to earn extra income, with the average monthly earnings reported at £218.60. Additionally, a substantial portion began their ventures to explore personal passions or to further develop their skills.
Notably, 61% of Gen Z side hustlers saw their income increase by at least 10% over the past year, with an average growth of 22%. The data also shows that side hustles driven by passion and those operational for over two years tend to generate higher earnings.
Emerging Trends in Gen Z Side Hustles
Visa’s research has identified three distinct trends among Gen Z side hustles:
- ‘Soul Traders’: Representing 79% of side hustles, these ventures are driven by personal interests and passions.
- ‘Hashtag Hustlers’: Making up 59% of side hustles, these individuals leverage social media trends to market their products and services.
- ‘Tri-Hustlers’: Accounting for 37%, these are individuals who manage multiple side hustles simultaneously to maximise their income.
Grace Kennington, 22, has turned a pandemic hobby into a thriving side business. Specialising in design, marketing, and social media, Kennington sells artwork online. She remarks, “Managing multiple side hustles has made me adept in various skills like packaging and stock management. My advice is to dive in even if you lack formal training and to connect with others in similar fields.”
Friends and Influencers as Key Motivators
The survey indicates that friends play a crucial role in the side hustle landscape. A third (33%) of Gen Z side hustlers were inspired by friends, and 39% receive support from their peers. In contrast, just 21% are motivated by celebrities or influencers.
Future Aspirations and Visa’s Support
Looking ahead, more than half of Gen Z side hustlers (54%) aim to increase their profits in the coming year. A third (33%) plan to acquire new skills for their side gigs, and a quarter (25%) want to expand their online presence. Sustainability and legacy are also important to many, with 35% aspiring to focus entirely on their side hustle full-time and 39% hoping their ventures will continue for generations.
Mandy Lamb, Managing Director, UK&I at Visa, comments: “Gen Z are reshaping our economy with their innovative side hustles. Visa is committed to supporting this new generation of entrepreneurs, helping them realise their business dreams and inspire others.”
To further support side hustlers, Visa has compiled top tips from the top 10% of earners, including setting clear goals, choosing enjoyable ventures, and embracing learning from failures.
In a bid to spotlight passion-driven success, Visa has partnered with Adam Peaty, Tigris Li, and Ellie Dixon in the ‘Level Up Your Game’ docu-series. The series showcases how Peaty integrates music with swimming, highlighting the intersection of passion and innovation.
Visa, a long-time sponsor of the Olympic Movement, continues to champion the values of excellence and perseverance, resonating with both athletes and aspiring entrepreneurs.
