Video available here: http://blog.mindswarms.com/the-sharing-economy-enabling-american-dream-for-millennials/ A top-line report on how Millennials’ attitudes about the Sharing Economy differ from their parents’ generation. October 2013

1. Millennials and the
Sharing Economy
A top-line report on how Millennials’ attitudes about the
Sharing Economy differ from their parents’ generation
October 2013

2. Purpose
•
Given the rise of the Sharing Economy,
MindSwarms wanted to uncover Millennials’
attitudes and brand relationships within this
economy - and perceived differences versus their
parents.
•
The purpose of this document is to provide a top
line debrief on Millennials and the Sharing Economy
Study recently conducted via MindSwarms.

3. Research Objective
To understand Millennials’ attitudes about
the Sharing Economy versus their parents

4. Target Audience
• National US sample
• 17 states
• 24 cities
• Ages 19 - 34
• Even Male/Female ratio
• > 40% had HH incomes $100K+
• Mix of ethnicities and socioeconomic backgrounds

5. So what did we learn?

6. Millennials feel that the Sharing Economy
has enabled an evolution of the
American Dream for their generation
My Parents’ American Dream
• Success through individual effort
• Work hard to improve life standing
Life-long accumulation of “my things”
My American Dream
• Success through a combination of
individual and collaborative effort
• Work smart, always open to new
opportunities and experiences to
enhance life
Enjoying “my access” to things and
experiences when I want/need them

7. The Sharing Economy and the evolution
of the American Dream
“I’m willing to pursue housing through a
website like Airbnb, rent a car through
Zipcar, but my parents don’t want any
of that. They want to own those things.
It has something to do with their
American Dream. For my younger
generation, I don’t think that’s either
desirable or even possible. With the
rising of the sharing economy, I see
truly a reflection of a national economy
for people like myself...” - Bishoy N.

8. The Sharing Economy and the evolution
of the American Dream
“I think my parents and I disagree
about the sharing programs because
my parents are baby boomers and
everything with them was about
being a self-made person…not
accepting help from other people.”
- Matt S.

9. The Sharing Economy and the evolution
of the American Dream
“So my parents feel a higher sense of
satisfaction saving up, buying that
new car and having a nice thing that
they can call their own, whereas I see
more value in just being able to open
up an app on my phone and find the
car that I could use or a ride that I
could get.” - Ryan C.

10. 3 key factors shaping the strong
connection between Millennials & “Sharing”
brands & fueling the Sharing Economy
1. Sharing brands enable a new definition of
prosperity for Millennials within a sluggish
economy.
2. Millennials’ comfort with technology and their
trust of social media allows them to leverage
Sharing brand connections/benefits.
3. Sharing brands provide Millennials with a
sense of savviness and opportunity.

11. Let’s explore this relationship
between Millennials
and “Sharing” brands

12. Sharing brands provide more
attainable possibilities for
prosperity within this economy
•
Millennials recognize that their parents’ definition of success and
prosperity isn’t as possible for their generation.
•
They see the sharing economy as a way for them to achieve some
of their goals within their “American Dream.”
•
Sharing brands not only provide access, but also can alleviate the
worry associated with not having enough money for purchase.

13. Sharing brands provide more
attainable possibilities for
prosperity within this economy
“I don’t feel stable enough to own a home,
also a bicycle or a car. I do own my car but
living in a city, if I could share or rent one
instead of owning one, I would definitely be
interested in that.“ - Carly S.

14. Sharing brands provide more
attainable possibilities for
prosperity within this economy
“I’m sure my parents very much
disagree and think that I should be
owning an apartment, but right now the
most financially feasible thing is to keep
renting. I think that really is just a
generation gap of having a bit of
uncertainty” - Matthew F.

15. Sharing brands provide more
attainable possibilities for
prosperity within this economy
“I rent my apartment and at my age my
parents owned their first home...The
economy has changed all that…I can’t
afford, as a single female, to purchase my
own home so I choose to rent because it’s
something that I can do without having to
worry about how much money I have…”
- Erin D.

16. Millennials’ trust of online brands and
relationships allows them to more fully
enjoy the benefits
Online experience and trust allows Millennials to be more:
• experimental, excited to try new brands and services that they
may have little or no previous history with
• open, willing to enter into a rental or share relationship with a
stranger
• fearless, able to look at the possibilities associated with
outsourcing a task or embarking on a new adventure based on
an online reputation
• spontaneous, able to enjoy share relationships when they want
and not be bogged down with longer-term commitments
• fulfilled, by the reward of the experience

17. Millennials’ trust of online brands and
relationships allows them to more fully
enjoy the benefits
“They are OK with borrowing someone
else’s things…but if it comes to
participating as someone who lends
these thing out, they wouldn’t be able to
trust….where as I’m able to say OK, this
person has a good online reputation, so
let’s go for it.” - Jen S.

18. Millennials’ trust of online brands and
relationships allows them to more fully
enjoy the benefits
“For me, I like the flexibility of being
able to leave – going to a different
place and I think that kind of
resonates through a lot of people my
age…” - Matthew F.

19. Millennials’ trust of online brands and
relationships allows them to more fully
enjoy the benefits
“There’s a lot of things that I would
probably be okay with in terms of renting
and sharing that my parents wouldn’t
and I feel it’s because they grew up in a
different time and they worked really hard
for a lot of the things that they’ve
accumulated over the years. I think we’re
in a different society with technology and
sharing…” - Marisa M.

20. Sharing brands provide Millennials
with opportunities to feel they
are “working smarter”
Although some did admit that their parents view “sharing” as a
way for them to dodge adult responsibilities, Millennials overall
recognize the potential that sharing brands offer them:
• profitability, able to better leverage current “assets” for
extra income
• frugality, able to reduce expenses associated with owning
• “waste reduction,” able to avoid unnecessary duplication
and/or over accumulation of “stuff”
• time/resource leverage, able to better leverage their
own time, skills and “assets”

21. Sharing brands provide Millennials
with opportunities to feel they
are “working smarter”
“I think it’s wasteful for everybody to own a
car and be a single-serve driver, so I’m really
into the car share programs…my parents
have this idea that if you don’t go by yourself
that somehow you are ripping off the system
or gleaning every little bit you can…not
taking responsibility…just a way of doing the
bare minimum. For them owning things is a
symbol of prosperity and has been for a
long time and for me it seems like a wasteful
choice.” - Kelsie C.

22. Sharing brands provide Millennials
with opportunities to feel they
are “working smarter”
“For me, I think it’s kind of exciting
that I can meet new people from all
over the place and be making extra
money without really having to do
too much. For me I need the extra
income and for older people like my
parents, they don’t.” - Nolan D.

23. Sharing brands provide Millennials
with opportunities to feel they
are “working smarter”
“I’m willing to rent appliances, rent
rooms, make my furniture, anything
to earn a few extra dollars,
especially if it’s a trustworthy
person….why not earn some
money for something?” - Ryan G.

24. Sharing brands provide Millennials
with opportunities to feel they
are “working smarter”
“The thing with my parents is that their
generation thought that there’s a lot of
value in holding onto stuff, but I think
nowadays, we realize that things, just
because you hold on to them, doesn’t
mean they are going to make you a
profit later, so why tie yourself into
something by owning it when you can
just rent it?” - Chalita A.

25. Sharing brands are truly shaping
the lives of Millennials –
providing them with a sense of
opportunity and re-defining
prosperity for their generation

26. Millennials feel certain that
technology will continue to
fuel the growth of strong
Sharing Brands and the
Sharing Economy

27. Technology will continue to fuel
the growth of strong Sharing
Brands and the Sharing Economy
“With the rise of mobile technology
and the omni-presence of the web,
people can make known what sorts
of things that they have that maybe
isn’t getting maximally utilized…and
people can create ways to share that
amongst themselves with neighbors
locally and through a searchable
database of that stuff. So that is why
it’s more convenient and prevalent
these days.” - Eugene P.
l

28. Technology will continue to fuel
the growth of strong Sharing
Brands and the Sharing Economy
“With the rise of social media, this
made it so easy for us to connect
with each other. It’s no longer
difficult for me to find housing down
the street …for this reason, I think
the sharing economy is on the rise.”
- Bishoy N.

29. Conclusions & Implications
As the American Dream shifts for Millennials within a challenging
economy, the sharing economy, at the most basic level, allows
them access to products and services that they may not otherwise
be able to afford.
At a higher level, sharing brands support Millennials’ desire for
convenience, flexibility and unique experiences.
Millennials are forming strong, lasting relationships with sharing
brands, relationships that are as relevant and meaningful to their
lives as traditional brands.
The trust that Millennials have built through their social/online
experiences allows them to be fearless and open to new sharing
brands.

30. Conclusions & Implications
Although some Millennials did admit that their ultimate desire for
ownership may not be different than their parents when resources
allow, the sharing economy does allow them to be fulfilled - as the
reward of the experience often is as valuable as owning it.
Millennials’ positive sharing experiences can be the bridge for trial
within their parents’ “social network” and will likely help build trust for
these older generations.
A broader positioning for “Share Economy brands” beyond simple
cost-savings will connect with Baby Boomers, Gen Xers and a
maturing Millennial generation. Sharing brands have the ability to
deliver both rational and emotional benefits, allowing consumers to
feel frugal, savvy, resourceful and adventurous.

31. About MindSwarms
MindSwarms gathers video feedback from consumers via mobile
(and webcam) from all over the world. Fast.
Consumers are screened first, then qualified respondents are invited
to record their responses (asynchronously). Consumers are paid for
participating.
Responses to the study questions are viewable and shareable
online, and can be downloaded in Quicktime format for inclusion in
presentations, or to create curated videos.
Learn more at MindSwarms.com or blog.mindswarms.com.
Contact sales@mindswarms.com for inquiries.

32. About MindSwarms
Click here to watch the
“Millennials & the Sharing Economy” video.

33. Thank You.

34. Photo Attribution
Page 2
CC-licensed Flickr Photos Exploring #sf, Dad happy with the JB-HIFI voucher I got him, Jake, IMG_9158, on the grass and Me Boxing by joshjanssen
CC-licensed Flickr Photo Ten Year 23 by GabboT
CC-licensed Flickr Photo The Smile of Dad by CocteauBoy
CC-licensed Flickr Photo Untitled by pamlau.com
Page 3
CC-licensed Flickr Photo crowded stream by OiMax
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CC-licensed Flickr Photo Future Music Festival 2013 by Eva Rinaldi Celebrity and Live Music Photographer
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CC-licensed Flickr Photo to friends and art and support and jumping! by *m5
Page 6
CC-licensed Flickr Photo Exploring San Francisco by joshjanssen
CC-licensed Flickr Photo Modern Concerts by Paul Coles
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CC-licensed Flickr Photo YouTube logo by Kuba Bożanowski
CC-licensed Flickr Photo tv by Roni Solomon, DDS
Page 11
CC-licensed Flickr Photo The Barista by Kuba Bożanowski
Page 12
CC-licensed Flickr Photo Future Music Festival 2013 by Eva Rinaldi Celebrity and Live Music Photographer
Page 16
CC-licensed Flickr Photo Flexcar, ZipCar by katmeresin
CC-licensed Flickr Photo Luxury Cars-Rolls by ffrade
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CC-licensed Flickr Photo My Workstation by Rego - d4u.hu
CC-licensed Flickr Photo Aurora Wallpapers for iPhone by Rego - d4u.hu
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CC-licensed Flickr Photo The Sofitel by joshjanssen
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CC-licensed Flickr Photo Leaves by Rego - d4u.hu