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European sharing economy to grow past a third in the next 12 months

01 July 2015 ... min read Listen

Amsterdam, i July 2015

• Rapid growth tipped for the sharing economy in Europe, driven by disruptive brands like Airbnb
• To date, cars have been the near borrowed item, but sharing of holiday accommodation is predicted to overtake this
• Sharers brand an average of €2,500 annually to supplement their incomes

The sharing economic system pioneered past companies similar Airbnb and BlaBlaCar is taking hold in Europe, with more than than 150 meg consumers expected to puddle property or possessions over the next year.

An international report of well-nigh 15,000 consumers across fifteen countries reveals the profound effect that sharing technologies could have on economies worldwide, with participation predicted to rise in the side by side 12 months.

European countries are leading the way in the sharing economy

Nearly i in 10 (9%) in the US are already participating in the sharing economy. Europe is playing catch up with 5% participation merely considerable growth is expected in the adjacent year, with most a third (32%) of consumers saying that they volition take office.

The ING International Special Study on the Sharing Economy defines the sharing economy every bit the utilisation of goods that would otherwise be idle or unused with payment being made in return. This exchange is driven and supported by digital technology as explained in the independent review 'Unlocking the sharing economy (PDF, 271 KB)' for the Uk government. The ING study reveals that certain European countries are leading the way in the sharing economy, with participation highest in Turkey (nine%), Kingdom of spain (vi%) and the Uk (5%), simply this suggests that there is considerable scope for growth across the continent equally familiarity spreads and more people turn their knowledge into action.

Cars are the near frequently shared items (9%) just holiday adaptation is expected to take the lead in the side by side twelvemonth, with ii in five (42%) proverb that they will consider paying someone to borrow their holiday domicile. In that location is less willingness to share such items as clothing (4%), electrical items (four%) and household appliances (iv%), with consumers preferring to have sole buying of these items.

Many sharers are going all Airbnb

Airbnb has fabricated headlines – positive and negative – around the world as a disruptive force to the traditional vacation accommodation model. Information technology is just one of many room-sharing arrangements, which might explain why holiday accommodation is the possession owners in Europe are most likely to have shared in the final 12 months. In improver, most half – or 49% – of vacation accommodation owners would consider sharing for money in the next 12 months.

Cars, children's items (such as toys) and sports equipment (such as skis) were shared by half-dozen% of owners in the last 12 months. Clothes are the possession owners are least likely to consider sharing in the adjacent 12 months.

Saving money and the environs holds appeal for sharers

The chance to relieve money strongly influences participation in the sharing economy across Europe, the United States and Australia. Of iv positive statements almost the sharing economy, "it saves money" has the largest number of people saying information technology is an influential factor in all 15 countries surveyed.

In Turkey it is joint top. Across all countries, the view that information technology is good for the environment is influential, an aspect that is explored farther ING's circular economy report released by Economics Department Netherlands in June 2015.

Many respondents likewise run across sharing as "an easy way to make extra coin". Helping build communities – such as broadening the human relationship between lenders and borrowers or through the establishment of sharing customs shops – holds less entreatment in most countries, but ranks highly in Turkey, Poland and Italian republic. Turkey, Poland and Italy take a big proportion of people who believe these positive factors are influential, equally signalled by the longer length of their bars on the chart.

These view are held much more strongly amidst sharers than not-sharers. The view that sharing builds communities is especially influential for sharers, with 73% proverb it is of import compared with 39% of non-sharers. Women are more motivated past the thought that sharing is good for the surround, with 57% saying information technology is an important factor influencing participation compared with 50% of men. Likewise, saving coin is an of import sharing economy factor for 61% of women and 56% of men

Sharers do good financially

Consumers who have already taken to sharing items are benefitting financially, with average earnings of €2,500, suggesting that for some this could be an important supplementary income stream in the future. However, the vast majority of participants across Europe (74%) made €1,000 or less in the past yr. Those participating in the sharing economy are most commonly well-educated consumers, aged under 35.

Ian Bright,
senior economist

Non everyone yet convinced

ING Senior Economist, Ian Vivid commented: "The growth of the sharing economic system has been accelerated by new mobile and net technologies that makes it easier and quicker to share. This is role of a broad shift in the style assets are utilised and entails a alter in our conception of 'buying', though clearly not anybody is even so convinced about moving to a society that takes a 'reduce, reuse and recycle' mentality."

Total study

The special written report ING International Special Written report on the Sharing Economy tin be viewed on top of this article, is available on slideshare for embedding and can also be downloaded equally a pdf.

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Source: https://www.ing.com/Newsroom/News/European-sharing-economy-to-grow-by-a-third-in-the-next-12-months.htm

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