April 2024
Consumer Morsel: The gig is up – in a good way
Gig work has recovered since last year, driven by ridesharing, with a notable increase in full time gig workers.
Key takeaways
- The share of Bank of America customers who received income from gig platforms through direct deposits or debit cards was above 3.8% in March 2024, surpassing the previous peak that occurred in early 2022.
- The increase in gig employment has been driven primarily by gains in ridesharing, as traffic volumes approach pre-pandemic levels. Ridesharing demand appears to blend the return of pre-pandemic norms with post-pandemic preferences.
- We find that these gains were driven primarily by Gen X, Millennials, and Gen Z. It also appears gig workers are increasingly going 'all in' on it, with the share of gig workers who earn income every month of the year increasing every year since 2021.
Read our full analysis for a more in-depth look at these trends.
