Millennials and Generation Z. A rented dress sounds sexier than a loan

Millennials, who came into the world in the 1980s, and Generation Z, born in the mid-90s, believe in sharing just about anything: web links, streaming website subscriptions, city bikes, even apartments with holiday makers. As consumers develop a preference for sharing or renting goods and services over purchasing, global business is confronted with an interesting challenge.

The sharing economy is gathering momentum in modern business. Only a decade ago, the market niches in which consumers shared goods seemed like a passing fad. To many people’s surprise, not only has the trend not died, it actually seems to be growing stronger and even inspiring the decisions of large, tech companies. The popularity of such platforms as Netflix and Airbnb and such applications as Uber stems largely from the new mindsets of consumers born post 1980. Their penchant for pleasurable consumption and their reluctance to sign contracts and commit permanently to a service, brand or company, had to be recognized finally by decision-makers in companies derived from startups.

The world exists online

From the virtual to the real

The painful prospects of a loan

YES to technology

We’re born digital

The crisis may have left banks in ruin, but it has spawned the sharing economy

Rent a house or dress

New market gaining value

The future of the new economy

In the global economy, the rules of the game are changing. Not only are strongly individualized customers discovering the benefits of sharing goods. The sharing economy is making the world’s middle class (which knows fully well they will never strike it rich) aware of new opportunities. But a life of pleasure, comfort and convenience does not necessarily require big money or big shopping. These are interesting times indeed for both consumers, who are changing the rules of the game, and for global business.

Works cited:

PWC, Deborah Bothun, Matthew Lieberman, Matthew Egol, The Sharing Economy, Consumer Intelligence Series, Link, 2019.

eMarketer.com, Blake Droesch, US Sharing Economy 2020, Transportation- and Home-Sharing Remain Leading Drivers of the US Sharing Economy, Link, 2020.

The BallanceSBM, DEREK MILLER, The Sharing Economy and How it Is Changing Industries, Link, 2020.

Technology is my passion. Head of Microsoft Services CEE. Private opinions only