Consumers willingly trade in private services for communal experiences
Implications - As a desire for cost-conscious living rises, companies are adapting their services to provide consumers with economic alternatives through sharing. Offering consumers the chance to split taxi fares and reduce hotel rates, retailers are encouraging buyers to share typically private experiences with others. This not only helps to reduce overall costs, but serves to heighten typically solitary experiences with a social aspect.
Trend Themes
1. Sharing Economy - The trend towards cost-conscious living is driving the rise of sharing economy, where consumers are encouraged to share typically private experiences with others, allowing companies to offer economic alternatives.
2. Subscription-based Sharing Platforms - Subscription-based sharing platforms encouraging consumers to join and share goods for various activities including camping, farming irrigation management, and renting vacation properties as a group.
3. Ride-sharing Services - Ride-sharing services such as UberPool are becoming popular, where riders are matched with someone in their area who is taking a similar route, making ride-sharing more efficient and cost-effective.
Industry Implications
1. Hospitality - Hospitality businesses can take advantage of subscription-based sharing platforms and hotel-sharing platforms similar to VeryUs to offer groups more affordable options, as well as offer communal experiences such as brewery tours and food festivals to capitalize on the trend towards communal experiences.
2. Transportation - Ride-sharing services and fare-splitting options such as those offered by UberPool are becoming increasingly popular alternatives to traditional taxis as consumers seek to reduce transportation costs. Car rental companies can benefit by offering car-sharing services that encourage groups to share ownership and costs.
3. Agtech - Agtech can leverage technologies such as SWIIM to optimize irrigation management and crop yields, as well as adopt subscription-based sharing platforms allowing farmers to sell or lease surplus water as the trend towards cost-conscious living continues.
5 Featured, 45 Examples:
224,112 Total Clicks
Date Range:
Jul 13 — Oct 15
Trending:
Mild
Consumer Insight Topics:
