Big-ticket items become a part of sharing culture
Implications - The share economy has permeated everything from temporary transportation to travel and accommodations, recently working its way into big-ticket items. This convergence of traditional milestones -- such as car or home ownership -- with modern values speaks to the mainstream Millennial who is more inclined to traditional values, but is open to new forms of "ownership."
Workshop Question - In a world where ownership is decreasing in value, how does your brand push to create a sense of shared community?
Trend Themes
1. Share Economy - The shift toward collaborative consumption presents opportunities for businesses to offer sharing services with high-value items.
2. P2P Insurance - Peer-to-peer insurance services are becoming popular among those who value cost savings and practicality of shared ownership.
3. Group Leasing - Group leasing, whether for apartments or cars, simplifies the rental process and creates opportunities for shared ownership.
Industry Implications
1. Hospitality - Hospitality businesses can explore opportunities to provide group wedding events and other milestone celebrations that offer a blend of convenience and affordability.
2. Insurance - Insurance companies have the potential to leverage the peer-to-peer insurance model to offer cost-effective policies and expand their customer base.
3. Automotive - Car manufacturers and dealerships can consider offering group lease-sharing programs that are enabled by technology to simplify coordination and payments.
