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Trust is a major issue when it comes to renting products, especially ones as personal as your home or as expensive as a car. Despite this obstacle, the travel-related sharing economy is rapidly growing worldwide.
Travel makes up a huge portion of the more than $3.5 billion in revenue expected to be generated by the sharing economy this year; however, a new Nielsen survey suggests that travel-related items are actually among the products that people are least willing to rent out.
According to an online survey of 30,000 respondents across 60 countries, people are willing to share electronics (28%), lessons and services (26%) and power tools (23%) more than bicycles (22%), cars (21%) or their home (15%).
The following chart shows the average likelihood of someone renting out their own products or borrowing someone else’s for a fee.
|Product||Willing to Share/Rent for a Fee (%)|
Respondents in Asia-Pacific are the most likely to share their own goods (78 percent) or rent from others (81 percent).
On the other hand, respondents in Europe and North America are the least willing to rent their possessions for pay and the rent from others. This is an interesting finding given the growth of many sharing economy leaders from Airbnb to Getaround.
|Region||Willing to Rent Owned Assets (%)||Likely to Rent From Others (%)|
When it comes to age group, it’s not surprising that millennials are the most likely to share goods. However, there are interesting age adoption trends across regions.
Respondents 34 years old and younger are the most likely to use or rent products and services in Asia and the Middle East, but respondents 35 years old and older are more likely to rent and share in Latin America, North America, and Europe.
“Online consumers in developing markets often represent a younger and more affluent demographic than the general population, which can contribute to greater eagerness and enthusiasm,” says John Burbank, president of strategic initiatives at Nielsen.
See the full report ‘Is Sharing the New Buying’ below: