The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
The sharing economy is one of the eight trends which we see as combining to create The New Consumerism. The New Consumerism sees today’s consumers reassessing their priorities and increasingly ask themselves what they truly value : Why own something that I only use sporadically? Why accumulate more belongings when I could be out experiencing life? Why pay for space I don’t use?
The sharing economy has the potential to impact across sectors. Those at the frontline include automotive and travel. Travel in particular is a sector revolutionised by the sharing economy. From booking accommodation in privately rented apartments and rooms on Airbnb, to engaging guided tours with a local on Vayable, to house swapping with Love Home Swap and meeting new people and dining in their homes through AirDine; the travel sector is awash with businesses embracing the sharing economy.
Yet the sharing economy has the potential to transform many more areas, disrupting sectors and creating new ones. Goods ideally suited to sharing include:
Services are also affected. Underutilised space – in the form of gardens, spare rooms and storage space is a good fit. The sharing of skills online is a growth area as are time-saving offers which take on consumers’ chores and timebanks where people trade their time hour-for-hour.
Online portals enable the renting or free exchanging of almost any product or service:
It may be naïve to think the sharing economy will disrupt and transform all sectors, but it will have an impact to a lesser or greater degree on all consumer-facing companies. Being at the forefront of the trend, the travel and automotive sectors provide a glimpse of how the sharing economy will develop. Established businesses are, and will increasingly, embrace the sharing economy – in travel Hyatt has bought a stake in Onefinestay whilst Wyndham Hotels has purchased a stake in LoveHomeSwap. In automotive, Zipcar was purchased by Avis.
It’s vital that business does not bury its head in the sand where the sharing economy is concerned; there are many opportunities to be had for established players – from reaching new consumers, building brand loyalty and improving reputation.