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Half of Australians trust sharing economy more than traditional alternatives

Should accommodation providers be more concerned about Airbnb and similar sharing economy alternatives?

New research commissioned by peer-to-peer lender RateSetter has revealed that 52 percent of Australians trust sharing economy services over traditional alternatives.

The firm’s Sharing Economy Trust Index has shown 61 percent of Australians have used a sharing economy service such as Uber, Airbnb and eBay – in the previous six months and 85 percent intend to use one in the next year.

Accommodation sharing services like Airbnb and ride sharing services like Uber have both been used by about one in ten (11%) Australians in the last six months, with approximately three in ten Australians saying they would be willing to do so in the near future.

Meantime, a quarter of Australians say they feel more confident about dipping their toes in the sharing economy compared to the same time last year.

Commenting on the launch of the index today, RateSetter Australia CEO Daniel Foggo said: “The sharing economy is profoundly and permanently impacting how Australian consumers buy and sell goods, consume services and share surplus resources. It’s important to know how Australians feel about it – and how that affects their behaviour.”

“The RateSetter Sharing Economy Trust Index is the first of its kind, providing a comprehensive overview of the nation’s confidence in the rapidly expanding sector.”

“Unsurprisingly, sharing and peer-to-peer services are becoming increasingly popular and that’s because these platforms deliver services more efficiently and affordably, whilst keeping their focus on the customer”.

While almost a quarter (23%) of Australians spend at least $50 a month on P2P economy services, 25-34 year olds pump the most money into the sharing economy, averaging a monthly spend of $116.

Meanwhile, 64% of Australians say they would consider using a sharing economy service to supplement their income, with online marketplaces (56%), online outsourcing (18%) and accommodation sharing (12%) topping the list of preferred money-makers.

Rosie Clarke

Rosie Clarke is managing editor at Multimedia Publishing.

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