Lately, we have been outlining emerging new economies in both North America and global systems. We discussed the Simplification Economy, as the next generation does more with less and focuses on downsizing. We also identified the Experience Economy, where young adults are interested in premium experiences over luxury retail goods. Cleary, there is a new consumer mindset emerging from each of these examples.
The most interesting of the new economies, though, is the Sharing Economy. Have you noticed how young consumers are more than interested in sharing resources? Whether it be transportation, living quarters, or workspaces, a new generation of consumer appears more comfortable with sharing over owning. Interestingly, the outcome of sharing is often a more communal approach to living and working, collaborating with others more closely and reducing expenses at the same time.
Where did this economy originate? Our best guess is that the Sharing Economy must have been birthed through technology, and specifically though social media. Milleniels and their counterparts may have adopted a learned behavior toward sharing content and resources via the internet and social media. This adoption may have fed their inner need for communalism - my current best guess - which then led to more sharing of what would be otherwise seen as fixed resources. Since all economies are based upon transactions, the sharing economy is a new paradigm, since sharing is the currency of the transaction.
What are the implications for the education industry? At this time, I am not sure, but I am guess that it will lend an impact. I am curious if you see sharing as a new economy and in what ways? Feel free to share this article with others as a start. As for me, I am going to go get an Uber to my client, but I am not up for Uber Pool just yet!