More than half of Australians trust a “sharing economy service” more than its traditional alternative, according to a new survey, revealing the amount of potential in the growing peer-to-peer (P2P) lending space.
According to The RateSetter Sharing Economy Trust Index (RSETI), commissioned by P2P lender RateSetter, 61% of Australians have used a sharing economy service – such as Uber, Airbnb and eBay – in the previous six months and 85% intend to use one in the next year. In fact, 52% of Australian’s now trust these share economy services more than their traditional counterparts.
RateSetter Australia CEO, Daniel Foggo, said the RSETI is the first of its kind, providing a comprehensive overview of the nation’s confidence in the rapidly expanding sector.
“The sharing economy is profoundly and permanently impacting how Australian consumers buy and sell goods, consume services and share surplus resources. It’s important to know how Australians feel about it – and how that affects their behaviour.
“Unsurprisingly, sharing and peer-to-peer services are becoming increasingly popular and that’s because these platforms to deliver services more efficiently and affordably, whilst keeping their focus on the customer”.
The RSETI saw P2P online marketplaces like eBay and Gumtree coming out on top as the most commonly used (56%) and trusted (74%) sharing economy service for Australians.
Almost a quarter (23%) of all Australians spend at least $50 a month on P2P economy services, but the survey showed 25-34 year olds spend the most on share economy services, averaging a monthly spend of $116.
Meanwhile, 64% of Australians say they would consider using a sharing economy service to supplement their income, with online marketplaces (56%), online outsourcing (18%) and accommodation sharing (12%) topping the list of preferred money-makers.
Foggo says RateSetter will be releasing the index on a regular basis.
“Based on our inaugural report we expect the number of Australians involved in both consuming and providing P2P services will continue to grow rapidly,” he said.