One of the consequences of a faltering economy is that due inflation the ability of the ”average” man to buy products/services decreases as these cost more money, when one factors in that often salaries/wages increases are less than the inflation rate: in essence one is getting poorer.
Despite the world as a whole getting richer, the gap between the wealthy and the middle/lower classes is increasing, even more so during economic difficulties…Yet despite this, life goes on and people adapt.
This adaptation has led to a new term being coined, that of the GIG economy.
So what is the GIG economy you ask?
The term comes from the sharing economy, whereby people collectively share a service or product in a community, whether it be a drill, a television (or anything else). Another example could be car-pooling or wi-fi sharing.
GIG itself is a subset of the shared economy; The GIG economy refers to the outsourcing and hiring someone’s services on a temporary or freelance basis, hence the word “gig”. The Economist has estimated that by 2025 as much as 70% of the world’s workforce might be “on demand” as computer automation takes over many full-time jobs, forcing workers to become independent contractors or to simply “fill in the gaps” that computers can’t.
We discuss the Sharing/GIG economy on this edition of eBizTrends, take a listen!
Dion Chang is the founder of Flux Trends. For more trends visit:
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