Share and share alike

Share and share alike

As the sharing economy continues to expand and evolve, it’s clear that Australians feel they don’t need to own everything; they are good sharers.

According to an Australian Fin Tech article, the sharing economy is likely to continue to boom in future years, predicting it to be worth as much as $55 billion in Australia by 2021.

Whether it’s a work desk or a designer dress, Australians have embraced the concept of using things when they need them. This makes sense from a cost-saving perspective and from an environmental view point.

The re-sale and sharing economy are global movements that are gaining serious momentum. According to a Business of Fashion article, ‘investors can’t seem to get enough of the re-sale business.’

Paris-based Vestiaire Collective, is currently the leading global online marketplace for buy and sell authenticated pre-owned luxury fashion. Just last month, a €40 million round of financing was completed. The new round of investment will facilitate the launch of additional technology solutions and fuel continued international growth.

Another major international luxury fashion brand that is leading the charge in fashion re-use is UK-based Far Fetch. Designer bags from design houses such as Gucci, Louis Vuitton, Burberry and Stella McCartney are being given a new lease on life with the piloting of Farfetch Second Life, an initiative where consumers can trade in their designer bag in exchange for credit to fund future purchases with Farfetch.

Business Insider Australia recently covered the topic of Australia’s growing sharing economy and put the spotlight on The Volte. This online marketplace allows users to lend and borrow designer fashion items.

“The company currently has 100,000 active users a month, an increase from 60,000 in 2018. ‘We have grown rapidly, in 2018 our sales grew by 400% and we are seeing that trend continue in 2019,’ CEO of the Volte Kym Atkins told Business Insider Australia.”

The sharing economy has also made an impact on the workplace. Independent workers have been attracted by the cost efficiency and amenities that a co-working workplace provides.

A 2019 State of Coworking Report by DeskMag cited that by the end of 2019, almost 2.2 million people are expected to work in over 22,000 coworking spaces worldwide.

It makes sense for a variety of types of workers, from corporate teams who want to converge in one place to independent freelancers, to hire spaces for a timeframe that suits their needs, rather than commit to longer, more expensive space arrangements.

CBRE’s The Rise of the Shared Workplace in the Sharing Economy Report, based on research in the US, found that independent workers have been attracted by the cost efficiency and amenities that a shared workplace provides.

Not only is renting or hiring something far cheaper than buying, it also means we all consume less, which is critical in this time where the stress of our planet, evidenced by climate change, is a key priority.

So, whether it’s buying a luxury pre-loved designer handbag, or utilising a desk space while a project is being delivered, it’s clear the sharing and re-use economy is alive and well.