European sharing economy to grow by a third in the next 12 months.
• Rapid growth tipped for the sharing economy in Europe, driven by disruptive brands like Airbnb
• To date, cars have been the most borrowed item, but sharing of holiday accommodation is predicted to overtake this
• Sharers make an average of €2,500 annually to supplement their incomes
The study reveals that certain European countries are leading the way in the sharing economy, with participation highest in Turkey (9%), Spain (6%) and the UK (5%), but this suggests that there is considerable scope for growth across the continent as familiarity spreads and more people turn their knowledge into action.
Cars are the most frequently shared items (9%) but holiday accommodation is expected to take the lead in the next year, with two in five (42%) saying that they will consider paying someone to borrow their holiday home. There is less willingness to share such items as clothing (4%), electrical items (4%) and household appliances (4%), with consumers preferring to have sole ownership of these items.
Consumers who have already taken to sharing items are benefitting financially, with average earnings of €2,500, suggesting that for some this could be an important supplementary income stream in the future. However, the vast majority2 of participants across Europe made €1,000 or less in the past year. Those participating in the sharing economy are most commonly well-educated consumers, aged under 35.