After nearly a decade of being mocked and mimicked for their eccentricities, the outcome of all the millennials’ maxi is now on full display, and it’s pretty impressive.
Discouraged by the lack of opportunity and disillusioned by the inaction of central governments and large corporations, millennials took the carnage of the 2008 financial crisis and developed an economy that is self-initiated and wholly inclusive. Commonly known as the sharing economy, this economic model involves millions of individuals capitalizing on the things that they already own.
In the sharing economy, anything can be monetized. A personal vehicle can become a taxi, spare bedrooms can become hotel suites, and extra time can be filled by completing tasks for other people. Each expression of the sharing economy brings new financial opportunities where none previously existed.
All of this opportunity is proving to be a financial boom for the individuals who participate in the economy and for the companies that help facilitate it. The Brookings Institute believes that the sharing economy is poised to reach a market share of $335 billion by 2025. The Pew Research Center estimates that “72% of American adults have used at least one of 11 different shared and on-demand services.” Uber, the most prominent company facilitating the sharing economy has spent time as the wealthiest private company, and, company scandals aside, has proven to be prolific in their development of the sharing economy.
It’s at once the offspring of antiquated community values and the natural outgrowth of our robust technological age. Mobile apps and digital payments dominate the sharing economy, and new platforms are continually emerging. Each one makes the sharing economy just a little more robust.
Of course, as the sharing economy continues to develop, its flaws become more apparent. Although it imbues a discernably independent ethos, the sharing economy is dominated by a few name-brand companies that control mind and market share. It can be extremely difficult for new companies be successful in this environment, which hurts consumers because