The sharing economy is a concept that has emerged in the last several years, and has had an impact on a number of different industries. And according to data from Statista, the sharing economy is projected to continue growing for the foreseeable future. The sharing economy can encompass everything from home sharing to ecommerce marketplace purchases. So how many consumers have participated in the growing sharing economy already? And how many are likely to do so in the future? We asked 1,000 respondents about this increasingly relevant concept.
In Ask Your Target Market’s latest online survey, 73% of respondents agreed that the sharing economy appears to be growing. 69% said that they at least somewhat understand what the sharing economy means. And 50% of respondents said that they are more likely to support businesses that are part of the sharing economy.
According to Personality Radar, those who are interested in supporting businesses that are part of the sharing economy are likely to be social professionals who are interested in products that offer convenience. They also seem to be willing to pay a bit more for those convenience items, as well as for those with brand names that are at least somewhat recognizable.
But there are plenty of different niches within the sharing economy. And not all consumers are going to treat those different areas the same. For instance, home sharing consumers are likely to be affluent but still price-conscious, and also lead active lifestyles. Ride sharing consumers are more concerned with convenience, and are likely to be young, creative types. And those who purchase products from sharing marketplaces are likely to be concerned with both price and convenience. And they’re also likely to be social and tech savvy.
The sharing economy is something that impacts a lot of different industries. But businesses within those different industries should approach their customers in different ways based on their preferences. For example, services like ride sharing that are completely on-demand and time sensitive are tied in more with convenience. But products or services that people can purchase or book ahead of time, like home sharing, are more likely to be tied in with price. In addition, about half of consumers said that they would actually be more likely to purchase products or services that are part of the sharing economy. So calling attention to that aspect in marketing materials could potentially be worthwhile. But it’s not as big of a factor as things like price and convenience. So those practical items should probably come first in terms of messaging.
You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.
What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.