How Did Freelancers Do During the Pandemic?

Payment service and platform Payoneer surveyed more than a thousand freelancers from over 100 countries on doing business during COVID-19 lockdown. They have asked them to share how the pandemic has impacted the demand for their services, their hourly rates and what opportunities and risks they expect will arise from the crisis.

Of the freelancers surveyed, 32% shared that demand for their services has greatly decreased in light of COVID-19. But it’s not bad news for all of them, since 40% say that business has remained as usual or even increased over the past 3 months. The greatest drop in demand came from clients in North America and Europe, while freelancers serving businesses in Asia and Australia experienced slightly less impact.

Nearly three-quarters say that their hourly rate has remained unchanged during this period, suggesting that they feel confdent that their fees are fair and attractive even in the current climate. Freelancers managing teams are showing real resilience and most intend to keep things stable despite the crisis. 74% answered that they are not downsizing their team and 83% said they will not be reducing their team’s pay.

Once COVID-19 is under control, 53% believe demand will increase from what it was before, with a further 21% expecting demand to revert to how it was prior to the crisis. Freelance marketplaces have reported a rapid growth in new members entering the platforms, as well as steadiness in demand for their services.