Lifestyle28 February 20187 minute read

Over 55s Drive Growth in Sharing Economy

Who's driving growth in the sharing economy? The answer might surprise you.

group of over 55s walking on sunny beach with surfboards
  • 65% of Australians used a sharing economy service within the previous six months
  • Online marketplaces for goods remain the most popular sharing economy service, with 54% of respondents having used such a service within the previous six months. However, a number of services have significantly increased in usage over the same period, with 24% of Australians now using ride-sharing and 15% using accommodation sharing services.
  • Over a third (38%) of Australians spend at least $50 a month on sharing economy services, with 35-44 year olds spending the most, averaging a monthly spend of $138
  • Australians are finding opportunities through the sharing economy to earn extra income, with 22% of respondents earning at least $50 per month through Sharing Economy services
  • 68% of respondents indicated a willingness to use each of the seven sharing economy services surveyed
  • Australians’ willingness to use sharing economy services is growing strongly, with 26% of respondents showing substantial increases in trust compared to six months ago
  • Ridesharing and online marketplaces for goods showed the largest increases in trust, compared to six months ago
  • Factors affecting Australians’ current trust in sharing economy services remain largely unchanged compared to six months ago, with the most common factor affecting trust being a perceived lack of personal safety (50%), which crept up 2% compared to six months ago
  • Three quarters (75%) of Australians intend to use at least one sharing economy service in the next six months
  • Appetite to use sharing economy services was strong across all services surveyed, with accommodation sharing, ridesharing and online outsourcing demonstrating the largest potential growth in the near future
  • Newer sharing economy services such as online outsourcing and consumer loans have the biggest relative potential for growth in usage
  • 59% of Australians say they would consider using a sharing economy service to supplement their income, with online marketplaces for goods (50%), ride sharing (12%) and online outsourcing (10%) topping the list of preferred money makers

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Written byBen Milsom
Ben co-founded Plenti in 2014 and has diverse experience in financial services and online strategy, well-practised in high-growth digital ventures.