Millennials value access in the sharing economy over ownership, Goldman Sachs reports. Not only is this generation travelling more, they’re also more likely to live in smaller spaces, reducing the desire to accumulate items.
Just a few years ago, you wouldn’t have thought twice about buying a bike, vacuum cleaner or car. The desire to have an item on demand could only be filled by purchasing it. But things are changing. Instead of buying, often it is cheaper, simpler and better for the environment to rent it or share it.
The sharing economy is booming across the nation, particularly in Australia’s bigger cities. It is providing individuals with the opportunity to forgo spending on one-time-use items in favour of renting them.
Already, over 75% of people globally express positive sentiment towards collaborative consumption, Havas Worldwide reports, with The Economist valuing the peer-to-peer rental market at $26 billion.
Millennials value access over ownership, Goldman Sachs reports, because it’s easier on the pocket and allows them to make the most of scarce storage space. With sharing platforms emerging in every aspect of our lives, renting goods and services is increasingly convenient. Not only is this generation travelling more, they’re also more likely to live in smaller spaces, reducing the desire to accumulate items.
Tap into idle capacity and surprise yourself with how much you can save by seeing how many of the items in your life you could be renting rather than buying.
1. Clothing and accessories
Instead of buying an outfit for a special occasion and letting it gather dust in your closet, save money by renting it for the night. Websites such as Glamcorner and HerWardrobe let you hire designer clothing, reducing the cost per wear if you’d have bought it yourself. Plus you’ll never be caught in the same outfit twice.
Ask any university student, textbooks are the bane of their existence. The exorbitant cost blows out their student budget and leaves them lumbered with useless books at the end of semester. With Zookal, students can rent cheap textbooks and return them once the semester is over.
While owning a car might be a rite of passage for many Aussies, the depreciation and registration expenses may not be worth it. DriveMyCar, Australia’s first and largest peer-to-peer car rental service, allows you to get all the benefits of owning a car, without the hassle and associated costs. With rental periods from seven to 365 days and included insurance coverage, you only need to pay when you need it.
Cycling is a great option for getting around the city or for leisurely weekend adventures, but if you think your bike might spend more time in your garage than on the road, renting is the perfect option. Melbourne Bike Share enables cyclists to pay for daily or weekly subscriptions and with stations all over the city, getting from A to B is easy!
Turns out you don’t even need to purchase your home, if you travel a lot for work it may be in your best interests to rent your home. The Airbnb marketplace provides short-term rentals providing convenience if you’re often spending short stints in different cities.
6. House tools
Take a peek into the storage sheds of almost any Aussie and you’ll find a whole host of tools that only get used for a few minutes in their lifetime. From lawn mowers to ski gear, Open Shed lets you rent those items that you’ll only use once in a blue moon.
Gone are the days of buying a CD or music through iTunes, with music subscription sites like Spotify and Apple Music, get you your fix of tunes without shelling out for every album.
Even holidays are now available for rent. If you’re looking to escape the city for a getaway, save a caravan from sitting in it’s owner’s driveway all year and rent it using MyCaravan. Collect it from the caravan owner or simply show up using their no-tow option for a great low cost holiday in any location you choose.
Join a library! Possibly the original or at least one of the oldest forms of collaborative consumption, pay your local library a visit instead of forking out for new books. What’s more, they’re an excellent source of inspiration and you might even get some recommendations while you’re there.
Chris Noone, CEO, Collaborate