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Australia’s Trust In The Sharing Economy Measured For The First Time

December 4, 2015 Statistics & Trends No Comments Print Print Email Email

New research commissioned by peer-to-peer (P2P) lender RateSetter reveals more than half (52%) of Australians trust a sharing economy service more than its traditional alternative.http://eventscrm.ttgasia.com/ttg2016/itcmchina/buyer/itcmbuyer.asp?code=GlobalTravelMedia

The RateSetter Sharing Economy Trust Index (RSETI) released today shows 61% of Australians have used a sharing economy service – such as Uber, Airbnb and eBay – in the previous six months and 85% intend to use one in the next year.

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”.

“RateSetter will be releasing the index on a regular basis to uncover trends in attitudes to, and use of, the sharing economy. Based on our inaugural report we expect the number of Australians involved in both consuming and providing P2P services will continue to grow rapidly.”

The RSETI saw P2P online marketplaces like eBay and Gumtree coming out on top as the most commonly used (56%) and trusted (74%) sharing economy service for Australians.

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.

Other insights from RateSetter’s index include:

  • NSW and Victoria have the highest usage of sharing economy services, with Australians in those states using at least one sharing economy service on average.
  • 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.
  • Australians living in the ACT are expected to significantly increase their usage of the sharing economy in the near future.

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