Uber and Lyft Impact Survey: Consumers See Value in Sharing Economy

Transportation startups Uber and Lyft have had a major impact on the entire landscape of the transportation industry in just a few short years. Cab companies in particular have felt the impact of those companies on the marketplace, according to studies like this one from Bruegel. And they’ve since been pushing for tighter regulations on Uber and Lyft. But those companies are part of a growing concept known as the “sharing economy” that has had an impact on several different industries. So what do consumers think about the idea of sharing resources with one another instead of going the more traditional route? And what type of an impact might this concept and companies like Uber and Lyft have on the economy as a whole?

uber and lyft impact

Uber and Lyft Users

In Ask Your Target Market’s latest survey, just 4% of respondents said that they use Uber and/or Lyft on a regular basis. 6% said they have used those services multiple times. And 7% have used them at least once. Respondents under 25 were 12% more likely to have used these services at least once.

Looking forward, 58% think that Uber and Lyft are likely to continue to grow. And 53% think that’s a positive thing for consumers. And almost as many respondents, 52%, think that companies like Uber and Lyft are good for the economy as a whole. However, 51% also agree that Uber and Lyft should probably face stricter regulations moving forward.

Uber and Lyft Impact

Overall, 9% of respondents said that they ride in regular taxis at least once per month. 34% do so less than once per month. And 18% said they’ve ridden in regular taxis in the past. Just 6% of respondents said that they ride in taxis more often now than they did five years ago. 18% said they ride in taxis less often now than they did five years ago. And 76% said that their habits haven’t changed in that time. Those who have used Uber or Lyft in the past were more likely to say that they ride in taxis less often now. However, they were also more likely to ride in taxis at least once a month.

In addition, 14% said they drive their own personal vehicles more often now than they did five years ago, while 19% said they drive less often than they used to. 67% said that their habits haven’t changed in that time. Those who have used Uber or Lyft were actually more likely to use their personal vehicles more often now, and less likely to have decreased usage over the past five years.

The Sharing Economy

In general, just 9% of respondents said that they are already aware of the term “the sharing economy” and understand what it means. Another 23% said that they have heard of the term. And 68% had never heard of it before.

Once they had a basic understanding of the concept, 60% of respondents agreed that the sharing economy is a concept that’s good for consumers. But just 46% agreed that it’s good for businesses. And 55% think that it’s good for the economy as a whole.

Key Takeaways

These insights spell out mostly good news for Uber and Lyft. Although few have actually used the services thus far, many more consumers at least see the value in this type of service, and in the sharing economy as a whole. Additionally, other businesses that offer value to consumers through sharing could potentially use that as a selling point, playing up the value to consumers and potential positive impact on the economy. However, it could be worth noting that few consumers actually understand what the term “the sharing economy” means at this point. So a brief explanation could be worthwhile.

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.

Photo Credit: Ridesharing companies including Uber and Lyft will be allowed to pickup at O’Hare and Midway airports from Flickr

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.

Results were collected on May 10 via AYTM’s online survey panel.

Anne Pilon brings 3 years experience to AYTM as a blogger and journalist. She has a degree in journalism and marketing communications from Columbia College in Chicago and enjoys writing about business, marketing, social media, and art.