Millennials vs. The (Sharing) Economy

Millennials in the U.S. grew up in an age of rapid changes within the economy. Many graduated college during the recession to be faced with a tough job market and forced to move back home in order to save money. In addition, they had mountains of student loans to pay off and with no career. This unstable economy and growing debt has made millennials creative in ways to save money and change their consumption behaviors. Sharing economies proliferated due to a shift towards more cost efficient and cost effective ways to save money while wanting the same access to services and goods. Instead of private ownership, sharing goods and services is the new “hit sensation”. The sharing economy has grown from as little as using less paper and more sharing computer applications to the rise in sharing services. Companies like Uber and Airbnb are examples of the sharing economy.

Uber is a convenient and cheaper alternative to taxi services. People can apply to become Uber drivers and are able to drive individuals to a destination for a price cheaper than taxis. Its convenience takes it one step further with their smartphone application that allows you to request a driver in your area within minutes.

Airbnb is an online marketplace and hospitality service that allows individuals to rent property from other individuals for a cheaper price than hotels. People rent out their unused property out to other individuals deciding the price themselves which allows price negotiating, creating a cheaper alternative to resorts and hotels.

A ride sharing company called “Zipcar” recently conducted a survey of how many people are likely to participate in common sharing economy services and found that a large portion of the millennial generation participate.

Millennials will continue to shape the sharing economy in future due to the social realities they grew up in. Cost efficient alternatives have grown immensely and the rise in technology has made it easier and cheaper for people to share resources, collaborate, and expand the reach of goods and services. It has allowed millennials to access the items they want and need without owning them, giving them the maximum convenience for the lowest price. Millennials are leaving their footprint on the world, digital or not.