--- description: A combined total of 64% of current UK sharing economy users agree that buying products or services through sharing practices is always their first choice. image: https://gdm-localsites-assets-gfprod.imgix.net/images/software_advice/og_logo-55146305bbe7b450bea05c18e9be9c9a.png title: Some sharing economy practices ahead of traditional in the UK --- # Some sharing economy practices ahead of traditional in the UK Canonical: https://www.softwareadvice.co.uk/blog/3376/sharing-economy-uk Published on 17/01/2023 | Written by Sukanya Awasthi. ![Some sharing economy practices ahead of traditional in the UK](https://images.ctfassets.net/63bmaubptoky/2R1dVL1AO5l2jdjzd5vKBu/a2914f1c8e8dc490c9c5fc7a2f0e771f/Sharing_economy_business_model-UK-SA-Header.png) > How well are UK residents aware of the concept of the sharing economy business model? Are they currently using it and, if not, do they have plans to do so in the future? To find out, read our first article of a two-part series. ----- ## Article Content How well are UK residents aware of the concept of the sharing economy business model? Are they currently using it and, if not, do they have plans to do so in the future? To find out, read our first article of a two-part series.In this article41% not aware of the concept of the sharing economyMajority uses the sharing economy for accommodation purposesMajority prefer goods/services via sharing economy over traditional methods44% frequently read reviews before buying products/servicesAre users interested in sharing their services/products?Study highlightsThe sharing of resources among communities is not a new concept. However, technological advancements may have made it easier to do so now more than ever. The global sharing economy market is predicted to increase to approximately US$335 billion by 2025, according to a report by Statista. In times of limited resources and conscious consumers, people may be switching from conventional systems to one that permits the exchange of resources, information, ideas, and services, facilitating better usage of their assets and services. Platforms like Sharing Economy UK —which is a trade body representing the UK's sharing economy businesses— are helping businesses connect with the right individuals.In order to gauge the understanding of UK residents about the concept of the sharing economy, Software Advice launched a survey and made some interesting observations. To do this, we surveyed 1,051 participants between 19th and 28th September 2022 who are above the age of 18 and are from different parts of the UK. For the full methodology, scroll to the bottom of this article.What is the sharing economy?The sharing economy —also known as peer-to-peer based sharing— is an economic model that emphasises collaborative consumption and people's inclination to rent or borrow items rather than purchase and own them. The sharing economy business model allows individuals and businesses to benefit from unused resources by renting them out to others. The adoption of the sharing economy has potentially found main facilitators in technology like artificial intelligence (AI), big data, and global positioning systems (GPSs) to connect renters with sellers in near real-time.41% not aware of the concept of the sharing economyWhat is the level of understanding of UK respondents about the term ‘the sharing economy’? We asked them if they were aware of this concept before reading the definition in the survey questionnaire, and 41% said that they were neither familiar with the concept nor the name.42% have participated in sharing economy practicesTo understand if the survey-takers have used any service from sharing economy platforms, we asked them if they have ever participated in/purchased products or services through sharing economy practices —rented an apartment through Airbnb or travelling via Uber, etc. We found that 37% respondents haven't used these services although they are interested in using them, followed by 30% who said they currently participate in sharing economy practices. Moreover, 21% stated that they are not interested in these practices, while 12% said that they used to participate in sharing economy practices but do not anymore.Majority uses the sharing economy for accommodation purposesOf those who currently participate in sharing economy practices, 68% use it for accommodation purposes followed by the below-mentioned sectors:88% of current sharing economy users are satisfied with itAre the current users of the sharing economy satisfied with their experience so far? We asked the respondents to rate their overall experience with sharing economy practices/services on a scale of 1-5, with 1 being extremely dissatisfied and 5 being extremely satisfied. We found that a combined total of 88% said they were satisfied —with 62% saying that they are somewhat satisfied (4 rating), followed by 26% (5 rating) who said that they are extremely satisfied. 10% (3 rating) are neither satisfied nor dissatisfied and 2% (2 rating) are somewhat dissatisfied.60% prefer sharing economy services because they’re cheaperWhy do people prefer sharing economy practices where one owner rents to the masses instead of traditional purchasing practices? Our results show that 60% of those who currently participate in sharing economy practices find it cheaper and 59% think it is more convenient. This is followed by 32% stating that sharing economy platforms offer a more diversified range of options. 23% say they use it for the purposes of ensuring sustainability, and 22% state that through reviews, they have more visibility about the quality of the products/services. In addition, 17% said that they like it due to the possibility of getting free items/better promotions, followed by 11% saying that this way they feel part of a community.Majority prefer goods/services via sharing economy over traditional methodsTo what extent do our respondents —who currently participate in sharing economy practices— agree or disagree with the various aspects of it?When we asked respondents how they feel about various aspects of the sharing economy, a combined total of 64% agreed (56% somewhat and 8% strongly agree) with the statement ‘Buying products or services offered through the sharing economy practices is always my first choice (instead of traditional ones)’.44% frequently read reviews before buying products/servicesMost businesses in the UK use online reviews to improve and promote their products and services. Moreover, more than half of small to midsized enterprises (SMEs) regard online customer reviews as ‘very valuable’, according to a report by Software Advice. Does the same apply to consumers as well? How often do our respondents read reviews before buying products or services through sharing economy practices?Of those who currently participate in sharing economy practices, 44% frequently read reviews and 43% always read reviews. This is followed by 12% who read them sometimes and 1% who never read reviews.66% would not make a purchase due to lack of reviewsOf those who currently participate in sharing economy practices and read the reviews before buying products or services, 66% would not make a purchase if a product/service/individual they are about to make a purchase of/from has little or no reviews, but 34% would.Government regulation in each sector of the sharing economyWhen we asked those respondents who currently participate in sharing economy practices how much government regulation do they think there should be in each such sector, the following responses were recorded: 48% don’t have concerns about aspects of the sharing economyWhen we asked respondents if they have any concerns regarding any aspect of the sharing economy business model, nearly half (48%) said that they don’t have any concerns, while 19% said they did. Moreover, 33% are not sure about it.Are users interested in sharing their services/products?Are current sharing economy users interested in offering their services/products to other individuals through the sharing economy business model? 42% said that they are interested while 30% said that they never did it and are not interested. Moreover, 18% said that they are already doing it while 10% said that they did it in the past and are not interested in doing it again.42% interested in offering clothing products/servicesIn which sectors are respondents currently offering their products/services through the sharing economy business model? When we asked this question to our respondents who said that they are interested in offering their services/products to other individuals through the peer-to-peer business model, 42% responded with clothing (rental, donation, barter, resale/purchase of clothing) followed by 33% choosing assistance services (like babysitting, pet care), and another 33% choosing accommodation. Moreover, 25% chose transportation (ride-sharing, car-sharing etc.), 24% responded with business services (coworking, online staffing) and another 23% responded with domestic services (domestic repairs, cleaning services), among other answers.Study highlightsFrom the data above, it may be considered that the sharing economy is still in its nascent stages in the UK. As a result, businesses can leverage this opportunity to tap into the budding concept of the peer-to-peer business model, focus on collaborative consumption, and plan for the future accordingly\! Some of the key takeaways from the survey are mentioned below:41% of UK respondents are not aware of the concept of the sharing economyThe majority of the current sharing economy users use it for accommodation purposes, followed by transportation Of the current sharing economy users, 60% prefer it because it’s cheaper while 59% think it is more convenient44% of those currently participating in sharing economy practices frequently read user reviews, while 43% always read reviews before buying products/services42% of those currently participating in sharing economy practices are interested in offering their products/services in the clothing sectorLooking for inventory management software? Check out our catalogue. ## Disclaimer > Methodology2022 The Sharing Economy Survey was launched between the 19th and 28th of September, 2022. It was undertaken by 1,051 participants from different parts of the UK. For the purpose of this article, the following definition of the sharing economy was presented to the respondents:‘The sharing economy is an economic model that involves individuals buying or selling usually temporary access to goods or services that is often facilitated by an online platform.’The criteria for selecting the participants is as follows:Resident of the United KingdomAbove 18 years of ageUnderstand the definition and concept of the sharing economy ## About the author ### Sukanya Awasthi Sukanya is a Content Analyst for the UK and India market. Committed to offering insights on technology, emerging trends and software suggestions to SMEs. 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