The more, the merrier.
A recent study “The Battle for Trust and the Sharing Economy” conducted by Maru/Matchbox, a brand research and consumer insights company revealed Millennials’ preference for sharing services such as Uber, Etsy and Airbnb.
The survey depicted a generation more trustworthy than older counterparts, though there’s room to grow confidence in moving the needle on consistent usage of the services. “To increase Millennials’ usage, the trust issue must be addressed. Trust is limited. Millennials in the U.S. were more likely to report having had problems with things they have done through the sharing economy,” the report said.
According to the research, 50 percent of Millennials tap services that offer pre-owned goods like eBay — compared to 36 percent of those 35 years old and up. Thirty-two percent of Millennials used car-sharing services such as Uber and Lyft whereas only 12 percent of older cohorts frequented these options. Space-sharing services tied custom products found at Etsy as the second most popular type of services among the demographic — posting a 32 percent usage rate opposed to a dismal 11 percent by 35 years and older adults.
Millennials find themselves in a unique position — one informed by tech savvy tendencies opening them up to new services, but overwhelmed by a lack of finances and time. “Roughly two thirds of Millennials agreed that the shared economy can ‘help me save money,’ ‘is much more convenient’ and is ‘easier to use,’” the report said.
Having mobile payment options reinforces Millennial patronage, the report suggested. It said 69 percent of respondents belonging to the demographic agreed that paying via smartphone or a web site was a major reason why they used a sharing economy service.
These behaviors extend new opportunities for brands and retailers — as Millennials are primed for social engagement, consider tapping into community-based sharing initiatives. Loyalty programs that offer special deals in lieu of certain sharing program frequencies will resonate well with the demographic — think Starbucks’ Reward program married to Lyft.
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