Sharing economy: a new global trend

9 september 2019

With the development of technologies, new consumer behavior patterns arise, as the experts of the Analytical Center wrote in the bulletin on global economy trends. The priority is shifting from possession of goods to the obtainment of benefit from them. As a result, sharing economy, based on the sharing of underutilized assets, is undergoing active development.

The diffusion of this model is aided by the development of online platforms where users can use most goods and services without intermediaries. According to experts, this leads to a more efficient distribution of resources, reduction of environmental impact, and increases the level of trust in society.

According to Timbro's rating, Iceland is the absolute leader for size of the sharing economy, the bulletin reports. The top five also includes Turks and Caicos Islands, Malta, Montenegro and New Zealand. Russia is at the 105th spot in the rating. Moreover, according to the World Bank, China is the world leader of the sharing economy. In 2018 the volume of the sharing economy in China was esteemed to exceed USD 230 bln.

According to experts, the sharing economy is most popular in the transport, tourism and trade sectors. For example, according to research results, car sharing affected households' decisions to buy or sell cars. More than a third of car sharing users participating in the poll decided not to buy a car, and 6% said that they plan to sell their car in the near future. The appearance of online agencies, such as TripAdvisor and Booking Holdings, led to an increase in tourist flows by simplifying the process for searching, booking and payment of holiday packages, air tickets and hotels.

According to the authors of the bulletin, the effect of the sharing economy on the GDP is controversial. On the one hand, households create added value, which makes the GDP grow, while on the other hand, shared consumption reduces the demand for the purchase of new goods, slowing down production and GDP growth.

You can find more information in the bulletin "Sharing economy as a new economic model".

Other bulletins on the current trends of the global economy can be found here.