Sharing Across the Millennials
New term, new trend, new way of life, or new business?
It could be all of the above according to many figures out there investigating the way this age group of young adults is interacting with their environment and their world. Sharing across all life spectrums seems to be under consideration for a variety of reasons.
But, what do they share?
Though it seems to be for a variety of reasons, the Millennials have put on their wise hats when it comes to many seemingly “necessary” standards of life to past generations. For instance, take a look at these tell all statistics across the age groups.
Who is really sharing?
Car sharing 53% in the 18-34 age group compared to 10% in the 55+ group with 35-44 and 45-54 falling in at 45% and 22% respectively. Age or changing life contexts?
Bike sharing shows similar trends: 18-34 at 66%, 55+ at 28%, 35-44 and 45-54 at 24% and 31%.
Home sharing: yes, home sharing, in the day when past generations all had to own their own piece of the pie. 18-34 at 49%, 55+ at 11%, with 35-44 and 45-54 at 43% and 27%.
The numbers speak for themselves. Almost without fail, the younger they are the more likely they are willing to share. But why?
Money seems to be a resoundingly good reason. One can save an estimated almost $7,000 a year sharing as compared to owning a vehicle. One industry leader, Zipcar has jumped ahead of the pack growing consistently for many years. In the last 10 years alone, their membership has increased over 6000%. Those are numbers that talk.
For a simple annual fee and varying hourly rates, members have no car ownership headaches. Car, maintenance, gas, and insurance are all rolled up into one set of fees. Although financial is the biggest reason cited by a group of Millennial Zipcar members surveyed 78%, environmental consciousness and a conscious decision to drive less both came in at 55% as well. So, the Millennials are real thinkers, not just all about the money.
Zipcar members also report the following. They are:
Driving less and avoiding car ownership in Baltimore
21% walk more
46% avoid buying a car
18% sold a car
11% use more public transportation
14% bike more
Bike sharing is right up there with car sharing. Capital Bikeshare out of Washington, D.C. purports 18,000 members, 165 locations, and reasonable annual fees and hourly rates. Their members can pick up a bike in one area and drop off in another. This again saves them money in the long run. A couple of interesting questions for bike sharers are why and where. Why do you join and where do you bike?
Here are their replies in descending order. Why?
Ease of getting around 85%
Enjoy biking 64%
Save money 46%
Carbon footprint reduction 2%
Out to eat 7%
So, once again, a variety of reason, but with sound insight continuing.
Now on to the home sharing phenomenon known specifically as Airbnb. This home sharing sensation has grown from a booking of 2 million nights in June 2011 to approximately 10 million just one year later. Airbnb boasts a membership (hosts and guests) of over 2 million and over 200,000 properties worldwide.
Where is Airbnb? Everywhere! In descending order according to number of listings:
Valued at over $1 billion this is obviously more than just a Millennial’s trend.
A few final tidbits on the Millennial sharing craze:
A Brooklyn entrepreneurial spirit made over $19 thousand in room sharing before his landlord kicked him out.
San Francisco began requiring hotel tax of 15% from Airbnb properties (they want their piece of the pie too).
Zipcar members are insured up to $300,000.
Airbnb offers $1,000,000 in insurance to hosts free of charge.
Capital Bikeshare requires riders to deal with police if they have a bike theft and they charge fees for recovery or replacement. They do not require insurance.